Yes your timer bushing needs replaced. The crack in the timer case should be repaired to keep it from growing. This early aluminum can be hard to weld. I used the aluminum brazing rod to repair one of mine. The stuff is a challenge to use (for me) but I’m getting better at it. I’m going to give you titles of some of my You Tube videos on how the timer works and rebuilding your coil. I can’t post links because too many will make this reply disappear. Search – Super Elto Timer – Adjustments – Function – Explanation. Search – Super Elto Timer – Its Working!!! – Search-Restoring Elto Ignition Coil – Quick Step Buy Step Repair Slide Show. This last video appeared after I posted mine. While he does use a different coil he basically copied what I spent several years to discover. It still may be of some value to you so search- Restoring ELTO Ignition Coils; Ruddertwin, Lightwin, Speedster, Quad, Service Twin, Super C.
A "Boathouse Repair" is one thats done without having tools or the skills to do it properly.