Those compression numbers are still strange: below 50psi is extremely hard to get because the engine will stop working at around 90psi. We'll get back to this later.
Anyway, before honing the cylinder try seeing if the lining is still sound and if the scoring around the ports is not too deep. From the pictures it looks like the cylinder can be salvaged but it will take a bit of effort, but pictures don't tell how deep scoring goes.
Before proceeding any further however you should try and find out why that saw seized. It could be straight and/or bad gas, but from here I cannot rule out an air leak as well. Maybe you should budget new crankshaft seals and a cylinder gasket just to err on the safe side? They are cheap insurance.
Now let's talk spare parts. I don't know what prices you get on Echo spare parts in Australia: they could be cheap like in the US or expensive like in Europe. While ordering spares in the US is tempting, always factor in shipping from and to there is simply horrendous. When all is said and done it may be just cheaper to source the parts you need locally.