How much is too much?

[mattgic]

I found this girl in storage. It had been stored 30+ years.
Through the knowledgebase here and some YouTube videos, I was able to get it running. It had a signifigant leak at the water pump. More knowledge gathering I learned how the waterpump worked. Previous owner had filled the whole cavity with grease. I literally had to scope it out with a spoon. I also found there was no packing. While working with it I discovered about a 1/4" movement in the shaft, back and forth. Some have mentioned there may be some movement, but I thought this was a lot.

I tried to attach a video, but too new to the forum.