Building Arduino with ATMEGA8L

Im planning to build an arduino by hand (s3v3) however I am unable to procure a Atmega8/168 however shops here in my locality have the Atmega8L which runs @ 8MHz (compared to Atmega8 @ 16MHz)

Is it compatible? If so what else besides the oscillator must be replaced?

Thanks in advance!

I don't know about the finer points of the Atmega8L but changing the clock frequency from 16Mhz will screw up any time related activities such as delay and the serial communication. At best it will need to be allowed for in your sketches. I'd order them on-line, live with the delay and cost and get the correct Item.

An 8L is guaranteed to run at 8MHz with a supply voltage of 2.7V, while a regular mega8 is guaranteed to run at 16MHz at 4.5V. The 8L will "almost certainly" run OK at 16MHz using the 5V supply present in Arduino; the labeling is mostly a matter of factory testing...

Don't change anything - leave the crystal at 16Mhz.