I am trying to convert a savage into the cs-1 cafe racer.This is my first tinkering with motorcycles and do not know what the decompression solenoid does. And what will replacing it with a foot actuated decompression lever do?

When the engine shuts down and coasts to a stop - it most often comes to an abrupt stop when it is slowing down and the piston comes to a compression cycle.  The piston going up starts to compress the air, and the engine does not have enough momentum to get past the compression stroke and the rotation ceases.

The next time you go to start your bike - the piston is at the bottom of the compression stroke.......and the starter would have a very tough job of both getting the engine mass rotating AND powering the engine through a compression stoke with no inertia to help.  The compression release allows the engine to go through the first compression stroke with little or no resistance until the starter motor has gained some speed and inertia.  Without the compression release I am reasonably sure the load on the starter would be too much......Suzuki and other builders generally don't put this stuff on unless it is needed.

I actually like the look of the foot lever.