Hey Bobby
My experience on knucks is nil but I will mention this for any of the younger guys -all mock up needs to be done before painting ! I understand you inherited the bike just teaching some younger folks....
Yes in my experience after market fenders can be any kind of bad !But being the bike is 72 years old that was the cheapest/easiest option.
I can't understand 7.5 going into 7.5 and having a 1/4 inch play - forks could be cocked or he bent the fender too much on one side................ gonna need pics
take parellel measurments down the legs and see if forks are square -if needed measure and mark
but with that fender in there it will complicate measurements
There is a wealth of info here so you will get straight I am sure ...Sorry to hear of your friend what an awesome gesture !!
"you gonna sit there and argue ......or FISH " Claude Leadbetter