Wow, this takes me back a few years. As odd as it seems, check the exhaust firesafe screen for carbon blockage. The oiler on this saw is impulse driven and a clogged exhaust screen will screw with oiler output. The oilers on these saws are remarkably dependable and I rarely see a bamaged diaphragm or bad gasket. The output hose from the oiler to the bar mount plate may have degraded- it it is really stiff, replace it. These older orange 1120 saws aren't the smoothest running Stihls ever produced, but my son still uses my 012 that I got back in the mid 1980's. These reed valve Stihls have a maximum RPM of "only" 10,500, so don't try to tach it out like modern Stihl saws. These old 1120 series saws aren't fast, but they really last.