Yes, squish is piston to head clearance. The standard gasket is .050 from terry. He used to have .035 but isn’t currently making them. .050 is generous squish, I like between .030-.040 in this size engine. I run big single Hondas 363cc at .040. But they still run fine at .050 so don’t worry. The copper gasket is a lot more common and easier to get, and should seal better too. But it’s not a must or anything. So, from my research, it looks like the mc101 has the lowest port timing, it also has the 9/16 pin and in the rod and the rod bolts need an update. The 101a was originally meant for a single engine class in racing, and has the next lowest exhaust port, the 101aa was meant to be a dual engine kart setup, it has the wildest port timing in general, the 101b is is slightly less aggressive. The 101d was made at the same basic time as the 101aa and as far as I can tell is identical.
The 101b, is the only 101 with a recessed exhaust gasket, I think Mac offered it as a kit, and that’s why it’s the most popular. The differences that I have measured between the 101a, aa, b and d block at basically.020 different, that’s not much, could easily be production variation, my 101a/aa block is .020 lower than a b block so that’s why I think it’s a transition block from a 101a, that should be lower. .020 is almost unnoticeable when running, but .040 is. And your Mc101 .120 lower.
I really think that mc101 would make an exceptional saw motor, especially with an sdc20. The biggest downside to the saw motors is bad squish and lower compression. That is something that is much better in the kart motors, and can also be tuned, to what you want. The cp125 for example, has a horrible combustion chamber and massive squish, the squish on my cp is over .120, that is killing power! The sp blocks are much better
So in short, the mc101 can be built to do whatever you would want, it’s a blank canvas, you could build a torque monster, lift the exhaust port and make it run like any of the other kart 101’s, or lower and have something in the middle.