Something is amiss there. You should be able to cut an 8tpi thread without even using the thread chaser dial. Just engage anywhere and it should work. Ditto for any thread with tpi a multiple of 8, eg 16, 24, 32, 40 etc.
As Pete says above check the tooth count on your gears. Should be a 20 tooth on both the output stud of the reversing mechanism and the leadscrew, with idlers of your choice in between.
Myford did make a 21 tooth gear that can easily be mistaken for a 20 without careful counting.
Otherwise, you must have something loose somewhere that is moving. Either in the gear train or the toolpost etc.