The Mk7 360 (M121,eligible pre 75 open) was actually a 352cc engine. The new Mk8 (M136) engine had a wider barrel stud spacing,bigger transfer area in the crankcases and cylinder,it was a 363cc engine.
It has been deemed to be a major power improvement from the MK7 engine and does not qualify as a carry on model,therefore pre 78.
The frame on both models (7and8) is essentially the same,the Mk7 had a machined steering head and the MK8 a pressed steering head.The footpeg mounts were slightly different in the way they were welded to the frame.The swingarm was different on the MK8 to allow more travel and the forks were longer,from memory they had 8 1/2" at the front and 6" at the rear.Both easily changed back to 7" and 4".
All Mk8 engines have the ability to have either a left or right hand side gear change.
To allow this it had a rear wheel that allowed the brake/sprocket to be on either side.
As to your question about MK8 250(M135)engines. The Mk8 250 uses the same cylinder as the Mk 6 and Mk7 engine,Cylinder 103.As to it being eligible at the QLD Nats,I think that to be sure it would be best answered by Dave Tanner.