Usually, you can clean up the cylinder, buy a Meteor Piston and be back in business. However, first you have to find out why it is burning up. Sounds like either an air leak, or the carb is adjusted too lean (the Hi needle). Luckily, 046s are easy to work on.
Check all your rubber first ... fuel line, impulse line and carb boot. Your seals may also be bad, but often that means the bearings are bad, and the case has to be split.
I did just replace the seals once on my 044 (the bearings were good).
Often if a saw feels "too strong", it is running too lean.