You can do it in
two weighings
as follows:
First weigh ABC against DEF. If they come out equal then the odd one must be one of G,H; weigh them against one another and you're done. Otherwise the lighter group has the odd ball; now weigh two of them against one another, choose the lighter if they don't balance and the third ball if they do.
You can't do better because
there are 8 possibilities and one weighing has only 3 possible outcomes.
For the follow-up question
clearly the number is at most $\lfloor3^{10}\rfloor$. Can we achieve this? Yes. If we can do $n$ balls in $w$ weighings then we can do $3n$ balls in $w+1$ weighings: weigh $n$ against $n$ and then we are left, one way or another, with a group of $n$ to handle. We can do 1 ball in 0 weighings, so by induction we can do $3^w$ balls in $w$ weighings; and just by counting possibilities we can't do better.
(My apologies; an earlier version of this had an entirely wrong upper bound in it without proof, because I'm an idiot. Hopefully de-idiotized now.)