Okie-Doke.
If it has flanged bushings, the flanges and the cup washers should be making up the distance. The collar should only stick out a max 0.008" longer than the ends of the flanged bushings (or end caps, if rebuilt with CB750 parts). Typically, the collar is about 0.004" longer, which should be the only "sliding" movement available: when the bolt is torqued to 25 ft-lbs., the collar usually shortens most of this amount, to end up with a 0 clearance fit-up.