When you split 1/4" tape into 8 tracks you get 1/32" of an inch for each track which doesn't leave much tolerance for error, either alignment or otherwise.
Since that machine is at least 15 years old, look it over carefully before buying. If the heads look ok, look for wear on the tape guides and make sure the pinch roller is in good shape. If all those look good, make sure you have a source for parts -- maybe a simple googling will help you find something on the web...