I have an old gear laying around. When I line it up with the notch on the shaft it is as if the notch and the two dots were cut 1/2 of a tooth off.
As you can see in the picture above, the old (correctly made gear) has a tooth that lines up with the notch on the inside of the gear. If I transpose that down to the new (installed :x ) gear it aligns in a valley.
Consequently, on the alignment dot side the valley marked by the dots on the correct gear (on top) aligns to a gear tooth to the left of the two alignment dots. I would be much more comfortable with this if the notch and tooth on both gears lined up and the timing dots didn't. It seems tome like everything is just off 1/2 tooth and I don't know if that will work.
I suspect that the right answer is to pull off the gear and put on the old one. I'm dragging my feet on that because its a 2 hour trip to the closest press that I have access to. Of course, assembling an engine and then taking it back apart again because the timing doesn't work or a connecting rod smashes the case is more than two hours.... Was hoping someone just said, "yep, seen it before and 1/2 tooth is no big deal..."
Still a chance someone says that?