Grub and Dave, thank you for the reply, it appears the unit as a whole is moving on the shaft, I can't move it on or off by hand but I can move it around by hand. I'll remove the radiator and fan etc and take a look at it. I have another engine in the shed with the balancer on it...could I take that one and see how tight it is? Or would it be just a waste of time?
I did a search for this issue on here and read that a letter "w" bit is the correct size for a 7/16-20 thread.
I am very surprised this happened...but then again the mech that built this engine has not always been totally honest with me on other projects
Thank you again for the reply.