How much should I panic? Not one itsy bitty bit for now.
Another fairytale, then you can panic.
That timing side bush indeed has a locating flange and the face of the flange bears onto the web of the crank. The bush was originally a steel backed whitemetal lined affair, evolving into a steel carrier with a pegged insert, these days custom one piece bronze bushes are good choice. All in the Forum, debated at length as this bush, its condition, cleanliness and fit is the real deal breaker of the design. You'll also find reference to end fed cranks and the pro and cons of modifying or keeping things standard.
The replacement crank may even fit your existing bush. Worst case you'll end up with a crankcase with a hole, a crank with a journal, you just need a custom bush to bridge the two. My guess is the crankcase will be the same as the rest and a bush will be no problem. Back then, pre-finished off the shelf replacement bushes were available. These days perfection demands the bush is line bored to match the drive side location.. Early engine uses a ball race on drive side, so no end float on crank, but a pre final assembly running clearance is recommended. All detailed in Service Sheet 208.
YouTube is full of viddys about the cranks. Get a beer and see how it's done. Most examples apply to the later motor, but the basics are the same.
I'm away for a couple of weeks...now panic.
Swarfy.