Hy toniphil123, Happy New Year, and welcome. Now to the alignment problem, if your generator and water pump pulley look like they are in line, then I would say that your balancer is moving away from the timing gear cover [it is still on the crankshaft] most of the early engines had a provision built into the front of the balancer that would allow the engine to be started by a hand crank, that may be what you are seeing, I'm not sure when they stopped equiping the balancer with that feature. The balancer is held in place on the crankshaft by a friction or interferance fit, no retaining bolt [although I do drill and tap all the rebuilds I do, to 7/16" N.F. thread so they will accept a balancer retaining bolt from a small block Chev V8]. If your balancer has moved out away from the timing gear cover, you could hammer it back into position [hitting only close to the center, there was a special tool for this job which held all parts of the balancer together while installing it], if it goes on too easily , then I would say it is worn in its bore. If it "walked" out once it will likely do it again. try putting it back into position and see how much force it takes to do that, hope that helps.
