no the pistons shouldnt have any play in them
i'm betting theres some play between the rod and the crank, spun bearing maybe
since you have the motor out, pull the oil pan, then take off the rod caps and inspect the bearings. Check the main bearings as well.
good luck, hopefully its nothing too expensive
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NMRA O/C 9516
NA pumpgas stickshift 347 10.65@125.6, 6.73@100, 1.41 60ft
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