8 degrees isn't far off for doing the adjustment. Unless the magneto is rotated all the way against the engine block, you should be able to just set the timing. If not, the governor gear will need to be remeshed as Gene said. It isn't likely it "jumped a tooth". If it is off, the last person that worked on it assembled it wrong.
On the carb, somebody probably just replaced the original with what he had on hand.
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Today's Featured Article - A City Guy's First Tractor - by Fred Hambrecht. After living in apartments in Atlanta for more years than I care to remember, the wife and I decided to move to the country. Humming "Green Acres is the place for me..." we purchased a 29 acre tract about 60 miles south of Atlanta. Next came the house, I could talk about that ordeal for another two weeks... But, I want to talk about my tractor! We didn't even own a lawnmower, and all of a sudden we had enough grass to feed all the starving children of the bovine world. Naturally, I talked
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