hey,
i wouldnt think any play would be acceptable, well not any more than a 100dth of an inch and at the end of the swing arm (at chain tension). as far as correcting the play, if you have excessive play meaning .25 or more of an inch, i would replace the bushings with brass ones, avaliable via dennis kirk, or from a very patient parts guy at a local shop, and insid of the swing arm there is a large bushing that should be replaced as well. there is a guy on ebay selling that kit with a new rod/bolt for 72 bucks, hope that helps.
joe