OK, NEARING 12 O`clock here and I will tell the problem with this 266. As stated it would start and idle fine but would almost immediately stop when the throttle was opened up. After starting and having the saw stop about the sixth time I had it figured on the gas somehow being shut off, it would start back up with a couple of pulls as I drop start all my saws. The first thing I did was go for the carb and removed the top cover,air filter etc and got down and removed the carb. I could tell that this was the first time any of the screws were out of this saw. I took the carb apart and found a little disc of the metering diaphragm in the fuel bowl that was still stuck down on the high speed orifice that leads to the high speed jet in the carb. The disc is made of the metering diaphragm material that gets punched out for the mounting screws to go through. It was floating around in the fuel bowl and as far as I can tell it would be drawn down hard on the orifice as the gas rushed out when the saw tried to reach wot and block off the gas completely thus shutting off the saw. When I pulled the pullcord on the drop start the saw jerks hard enough that the disc would come loose and let gas through the carb and the saw would idle but as soon as I tried to rev the engine up again it would move to the spot where the gas was going out,the orifice to the jet and block it off completely and the saw would stop suddenly.
I removed that disc and reassembled the saw and it has run flawlessly ever since,even the mixture screws were set correctly and needed no further adjustments. One of the cheapest fixes I have done so far on a nearly new saw. I have been offered $550.00 for it but have not entertained any thoughts of selling it so far.
Thanks to everyone that took a guess at the problem and maybe your diagnosing skills will be en richened by reading all the replies to this thread.
Pioneerguy600