Hi there. Im a member on a couple of real life gun sites. I am into collecting real guns.
The Cummins tool sale just came through town and I picked up an el cheapo pellet rifle and scope for $27 and it has made me want to toy around with pellet rifles more

I had a Daisy pump action when I was a kid with a brown plastic wood grain stock, but it broke even further when I took it apart to fix it one day.
I also have a Crosman 1077 that I used heavily when I was a boyscout. I love it. Its a great gun and Ive used it to knock down many small birds and even a couple annoying doves.

Now that Im older, I am into high performace firearms, and was wondering if I buy a second 1077, what can I all do to increase the velocity? Is there something internal you can adjust or do I have to replace something? I was wanting to take down squirrels and maybe a rabbit or two. Or would I be better off just getting a .22? I would rather stay with the 1077 however since its my favorite pellet rifle ever.

Rabbits, squirrels, rodents and small birds are about all a 1077 may be capable of getting.

Do a search here- the mods are always the same- get more pressure through the valve assembly, make the hammer hit harder, and for accuracy stabilize the barrel in the tube and file down anything/everything interfering with a smooth, light trigger that could re-position the shot while pulling it. Beyond that, there's little else to be done with a 1077 due to its design/layout.

The highest output 1077 I've come across is 780fps/7-ish fpe with 7.9g pellets- but even that was with a custom-made (as in machined from scratch) valve assembly. Something higher might be achievable with a custom valve setup and a PCP system charged up as high as the 1077 will let it before leaking everywhere.

Hmmm... :/

I may think of getting another anyway and put a leaper scope or something on it. Other than that, I might just use a .22 rimfore or maybe buy a .22 air rifle. Any good brands/models out there that have fairly good fps under $200?

I was looking at this.
http://www.airgundepot.com/tech-force-chinese-pellet-gun-99-mag-22.html

Anyone ever used one?

Me personally, I would be looking at one of the more "typical" domestic units- like Beeman, Benjamin or Crosman- all of whom have .22 caliber rifles that reach 800fps or more for under $200.00