I concur with the (non-)elastic properties of 35 yr old h/b.
I would look for a fluid filled dampener sold by Pro Race parts, $149 USD. Marked 50* BTDC.
I have never had any luck with 3 each timing tapes. Cleaned the h/b with lac thinner, Brakleen, and acetone. They came off by the time I had t/gun in hand. I bought a variable t/gun.
Yes, 8" will fit under stock w/pump. I'd drill and tap the crank snout for a retaining bolt, 7/16-20 UNF X2 1/2 inch bolt, or buy bolt & washer from dealer or Summit. Fit a small cross-sectional diameter O-ring between the h/b and crank sprocket to prevent oil leaks.
Give a man a rescued dog for the health of both their souls. May 2017 ROTM Winner - Thank you!
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CUBS - 2016 World Series Champions - Thank you, Joe Madden … enjoy your next chapter.