Is this ok? I have about 1/16 or a little more of up-down play when I pull up on the cam.
My first Model A, that I bought in the early 1960's, the distributor would jump out of the drive and somehow end up 180 degrees out. Firing when the exhaust valves were open it would explode the unburnted air/fuel mixture in the exhaust pipe and muffler and make a hell of a racket. I would just pop it back were it belonged and carry on.
Vertical motion of the shaft is not a good thing as it accelerated wear of the rubbing block on the points. I do agree that radial motion is exceptionally bad, and should not exceed 0.003". Radial play subtracts from the point gap and the rotor gaps.