It is an easy one, there is something that is stopping the saw reaching peak revs - Circa 14700+ on this saw. All you have to do is find it!
Electrical - you may be getting something stopping the coil doing what it should, is it a blue limited coil....probably not and none of the limited blue coils limit to 12Krpm. Perhaps there is arcing on the plug or cap or the kill wire/HT lead is touching earth or the coil is shot. In my experience, these arcing/shorting issues don't cause rev limiting issues,they stop the engine. A limited coil can blow the high speed section so an engine won't rev out, seen that on a 361 and a blower so it does happen but isn't common. You could try many of the coils off the 3 series saws just observing some may be limited so will send a tach all over the place once it hits the limiter. Check the HT lead with a multimeter and check connections at both ends, check the kill wire or just disconnect it. Check the coil gap.
Fuel - how is the saw running? Wet, oily, smokey black plug or is it lacking power, bogging, lacking power. If the carb is throwing in too much fuel, you will be getting a heavy fuel residue. It is possible you are getting far too much fuel or far too little. I would pressure check the fuel line, check the tank breather and also the HOLE that goes in to the carb elbow as I have seen two with the through hole not present! Check the gauze strainer - take it out and use a magnifying glass, get carb cleaner down the H and low screw, check the pump diaphragm, especially the pump flaps and pressure check the carb.
Mechanics - Check out the piston for the things BMP has mentioned, chack the compression, 150 is getting low on these saws, 170 is decent. Check the first hard pull. With the base gasket deleted, you should be 80-100psi - if this is much lower and you don't get up to almost max reading in 3-4 pulls, the engine isn't in good shape.
Check the bore and plating for wear and discoloration. Check the inlet manifold, especially the impulse nipple (Yes, I did say NIPPLE)....it often splits along the top or can get distorted if not fitted properly. Is the short impulse line fitted between the inlet clamp and the carb connector fitted correctly - just had this problem!! make sure the inlet manifold perforated inlet support sleeve is fitted.
Make sure the muffler isn't blocked - had one plugged with mud once!!!
I can't think of much more - I have just spent 4 hours on a 200 I had rebuilt that just wouldn't start. I had replaced the HT cable and was getting a big fat blue spark jumping 7mm so it was never going to be an HT problem was it......cock yes it was, after stripping it doing a full leak test, swapping carbs, coils, flywheels etc etc, I swapped the HT lead and bingo....the HT lead being screwed on had forced the copper strands deep in to the sheath making a bad connection - great spark in air, none under the 200psi compression the saw had!!
If you check all possible issues, the issue left, however improbable, is the culprit!