The compression release is only on a few Homelites. usually the electric start models. It is above the intake port. It looks like a pipe plug but it has like a schrader valve in the center of it. Just remove the valve and put a pipe plug in the hole.

The hole above the exhaust port corresponds with a hole in the muffler. Muffler pressure is to force some spent exhaust gases back into the cylinder? Most Homelite weedies have this hole.

Enjoy,

Jim