The chain will get longer, not shorter. So, with the wheel and crank on, I think it is best to set the eccentric so that the bottom bracket is pretty far back (towards the rear wheel). Then wrap the chain around the crank and cog on the wheel to see where to split the chain. Split it. If you are unsure exactly where, making the chain too long instead of too short is better at this stage. You might have to remove the wheel to put in the quick link that comes with the chain to make it a whole loop because the quick link starts out a bit short when you first assemble it. Then put the wheel back in with the chain on. That loop will likely be quite droopy at this point, so tighten the chain using the eccentric. If you split the chain too long, not a problem, easy to take out another link and redo it. An 8 speed chain can be very forgiving, so if you accidentally make it too short, you can reinstall the link again if the link was not driven all the way out of the side plate. But it is easier to make a chain shorter instead of longer, so if unsure exactly where to split it, make it too long instead of too short.
The bolts that are used to hold the eccentric in place have pointy ends that create little divots in the Aluminum of the eccentric. When you pedal, you are pushing down on the pedals, which also pushes down on the bottom bracket and on the eccentric. So, you are actually pushing that soft Aluminum eccentric into the pointy ends of the bolts. One problem I have had is not tightening the bolts enough, they got loose over time I think because the little divots got a little deeper as I pedaled. I posted another link on my rubber band methods of making sure that the bolts do not fall out from vibration.
http://thorncyclesforum.co.uk/index.php?topic=11125.0Instructions from Thorn say you have to be careful that you do not make minor changes in the chain tension that is too small of an adjustment. If the little divots that you push into the eccentric are too close to each other, they can result in a long groove in the eccentric instead of a series of divots.
I carry a spare quick link and some of my left over chain in case I have a chain break on me while touring. Never needed it yet, but the extra links are cheap.
Around home I use a 44T chainring, but for a tour where I am doing a lot of hill climbing, I use 36T chainring. Thus, I use a second quick link and regular chain link to lengthen my chain for when I use the 44T. When I built up my Nomad, I bought a bunch of spare quick links.
The eccentric is installed in the shell so that the thick part is in the bottom - that is so that the screws that hold it in place push against a thick piece of metal, not a thin piece that could be deformed. That does not answer your question, but I wanted to make sure you knew that. See photo, the thickest part of the eccentric is under the bottom bracket, not above.