The lack of coating tends to give a blue cast in daylight and a yellow/brown cast under tungsten, but I have used my 1936 Elmar quite happily on my M8. In fact, a few months ago I did a Shutterbug article about 23 old lenses on an M8.
One of my favourite lenses on the M8 is my 1938 Thambar, where I prefer it to mono film.
Cheers,
R.