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@Mr_Bump
Sorry but the myth around 8 speed screw on (& for that matter 7 speed) is just that, a myth. Maybe one or two people spoke about this & then it propagates like all failures. Yes the bearings are too far out in an ideal world however does anyone know of someone whose axle snapped because they were using an 8 speed screw on???
I used a Sachs 8 speed for years on a Mavic 501 hub, I've been around 95-100kg in that time so not exactly flyweight, never had issues with it at all even with loads.
The only thing you might want to check though is the spacing on the Sachs & other 8 speed freewheels (unless you get a cheap shimano MTB type)
Additionally unless the axle on your 7400 hub is 130mm at the rear (7 speeds were generally 126mm) then you would likely struggle to get an 8 speed freewheel and clear the inside of the chainstay with the chain as an 8 speed cassette is wider than a 9 speed in any case.
As mechnaical Advantage mentions above, the 7400 hubs came in varying types.
Screw on - shimano 'road' freewheels only went up to 7 speed though 7 & 8 speed mtb were/are plentiful..cheap 8 speed here for example
http://www.amazon.co.uk/13-28-Speed-Shimano-Compatible-Freewheel/dp/B0045EQR68
Uniglide only- 6/7/8 speed 'cassettes' the beaings are contained within the freehub body as per modern cassettes, screw down last cog so no lockring as such.
UG/HG hybrid, these allowed the use of UG cassettes and std 7/8/9 and even 10 speed cassettes
Hyperglide only, these latter models removed the end hreading on the freehub body.