Minor update:
I hunted down another 490. I figured I should put the 4910 jug on something. While I was putting it together I set it up with the HD12 to see what could be gained. Here are a few details of that swap.
First, you really have to shave off a lot from the boot flange and the air horn. Here’s the horn (mounted) beside a stock one. You can see I took 2/3 of the thickness away. You also have to stretch the holes that mount to the carb floor.

Then, the travel of the throttle vein hits the boot flange. I carved the flange a lot, but you could also cut off the circle mount on the vein.

The choke lever also needs a little work. You need to trim the rubber mount to allow the choke to fully open. Stock on the right. Slimmed on the left.

And the top cover just barely obstructs the end range of the lever, making it hard to fully engage the choke. A minor reshape fixes that.

Also, I swap the fuel and impulse lines. HD 12 needs some extra fuel line and less pulse, so just switcharoo.
I did some cuts up at my house and the saw is stronger up here than it was before down below. I think this mod may actually bring the 4910 up tight with 346. Maybe not quite beat it though.
Also, I think I bungled when I originally thinned the air horn. I think there was an uneven spot that allowed fines through. I tested both the mesh and the felt filters today. The mesh did seem to let a tiny amount of fines through, but not like what I found in the hybrid. I also couldn’t notice a difference in performance between the two filters.
I’m waiting on seals for the Hybrid, 4910 coil is installed and I modified the porting a bit. Hopefully there will be comparison videos soon.