Of course, I have not done much to chainsaws before so I am trying to get as much as possible figured out before I start. This site and all its members is a great resource for that.
So far all I am going on is the fact that my dad's local dealer said it needs a piston, and that they/he didn't think it would be worth paying for given the age of the saw, so I got it. I can get it running fine but after 5-10 min it seems to lose compression and die. I do not have a compression tester but it does seem kind of weak (picking the saw up by the pull cord it doesn't come all the way out but does unreel a bit). I am also going to check out the oil seals on the crankshaft. Intake boot is good, impulse line from what I can see is good, need to explore that further. Fuel line is new and carb is rebuilt.
I may just need rings, or if the cylinder is shot as well, i'm considering the bolt-on 46mm upgrade. But you are absolutely right, I won't really know til I get in there.