Sounds like you have the quick disconnect style magneto. The drive gear does not ride in a bronze bush, but rather in a hardened sleeve with a single row of 1/4 by 1/4 rollers held in a bronze cage. Water can get in here and rust out the races and rollers, making the fit (and alignment) very sloppy. Had there been an outrigger bearing in the timing chest cover, the gear alignment might have been more reliable. The housing/outer race in the timing chest and the inner race/stub shaft that the gear keys to are replaceable, but the parts are getting hard to source. So often it is a job for an engineering firm to make new parts to pattern.
Despite the convenience of the QD it must have been an ongoing problem with wear. Douglas got away from the design an went to a drive gear mounted directly on the magneto shaft taper. The magneto gained a flange that filled up and blocked off the hole in the rear of the timing chest.
-Doug