You might be on the right track there Grumpy. The saw looks like its done some work. The exhaust port is carboned up yet looking through the plug hole shows the piston top to be very clean. I'll get my sons school provided trusty dental mirror and peek up at the head and see what's there. In terms of appearance I reckon its one of the coolest looking saws I have seen. Chrome starter cover and two tone paint on the sides with a chequered flag. On the shelf as a new one it would have looked great.
