Doug, in looking at your photo again, I think I can see both the spacer and wave washer
on yours. It may be that whatever takes up the weight on the top side of your
transom / swivel mount is worn down.
Anyways, I looked at my parts motor, and took photos. The spacer washer
is 1/16″ or less in thickness by looking at it.
I suppose you could add spacers in the bottom to take up the slop, or perhaps
cure what’s ever ailing it on the top side of the swivel mount.
You really won’t know until you tear it apart.
Prepare to be boarded!