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 - Stories From Old Farmer - by K. Pratt. Old Farmer, a.k.a. Dale Jensen began posting messages to our discussion forums at the grand age of 75. With extensive knowledge of farming and tractors, he valued the past and the ways that went with it. He shared these values with us until shortly before his passing. I spoke with Dale in his last days and requested his permission to share some of his stories with the readers of our magazine. He agreed, and provided the
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