Unloaded the wood in the trailer this morning... and right before lunch, I further disassembled the S44A engine (S55A block) Found a bad PTO crank seal that was hard and had a crack in it, and the flywheel side seal feels pretty hard as well.
Going to the bearing supply sometime next week to get bearings and seals.
Also, the felt seal that protects the push rod for the points was rough... there was crud getting past it and some built up around the push rod end and there was a little rust on the surface of the crank where the push rod rides on it. What I plan on doing for the seal there is finding one that will fit in the hole, and modifying the seal a little to clear the push rod boss. An actual rubber lip should be a much better way to seal to the crank than felt.
Another thing I will do next week is find a place that has a glass bead blaster I can use... going to clean up the cylinder on the outside, the cylinder head, and the flywheel side bearing support/back plate/housing.
The rest of the outside parts are only going to be carefully washed in a parts washer... they are in nice shape paint wise, especially considering this saw (or at least the outside parts) were made somewhere between 1959-1960.
As for honing, I will use my simple spring loaded hone with a drill... not going to be perfect like a Sunnen machine hone, but should be good enough.