For this kind of "bottom-heavy", statesmanly DB style, I think the button stance is perfect. Actually, the whole suit is close to perfect. Only thing I'd modify is to have the lapels ever so slightly widened. Can't believe you sold it!
Not unless the button placement is very out of whack. I'd say the missing 4th button is right under his forearm. Having a wife that rides horses, the 8 button isn't all that un-common.