Are my answers correct?
$$\sigma^{-1}= (8 6 1)(3 4 5 2)$$
$$\implies \sigma\tau\sigma^{-1}= (1 6 8)(2 5 4 3)(1 4 8 7)(2 3)(5 6)(8 6 1)(3 4 5 2)$$
$$\implies \sigma\tau\sigma^{-1}= (1 7 6 3)(2 5)(4 8);$$
also, $|\sigma\tau\sigma^{-1}| = {\rm lcm}(4,2,2) = 4.$
Your answers are correct; although it might help to format your composition in a more understandable way. $\sigma, \tau$ and $\sigma^{-1}$ are functions (bijections), and so $\sigma\tau\sigma^{-1}$ should really be $\sigma\circ\tau\circ\sigma^{-1}$, which contains the composition operator. That would make the second line in your answer more understandable and technically correct: $$\sigma\circ\tau\circ\sigma^{-1} = (168)(2543)\circ(1487)(23)(56)\circ(861)(3452).$$