Ok that sounds about right, new bushes won't prevent it from going up and down. Does it have a hole drilled through it so a split pin can be fitted. This will stop the up and down movement. If it doesn't hava hole you might have to drill one. From memory that shaft is probably 3/4 inch diameter. If it has a hole in the shaft you will need to pack it with washers to take up any clearance above the split pin