It looks like the correct one. It is the same one I took off when I rebuilt it but after 40 years who knows. So I got the timing set now at 12 degree advanced with the correct spark plugs took it out and no back fire at all. Runs like a champ.
^^ what he said. You can use a paint line, or scratch, or whatever but you need to determine if the outer ring is moving. If it is, you have problems and not just ignition. You will want to replace the balancer.
On the popping... Sounds to me like the wrong step up springs. You can orer the strip tuning kit for it and read the manual. Chances are it needs one step softer springs.