Get a longer bolt. The washer is thick to keep it from deforming and sinking into the hole in the balancer when it is tightened. It is there to hold the balancer on and it can't do that if it's squished into the hole. Get a grade 8 bolt and make sure the threads in th ecrank are clean and good. Be sure the bolt has good thread engagement (1/2" minimum) and doesn't bottom out or the threads will strip in the crank. If the crank does get stripped, you can tap it out to 1/2"-20 and use the appropriate bolt. Been there, done that several times.
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1986 SE 350 V8