I had the same loose steering tension on my 56 Johnson 30hp and as Frank noted, the rubber pad was worn out. Not sure about the vertical movement you have unless the pilot shaft or swivel bracket is severely worn or maybe a missing or broken thrust washer. Nice motor – good luck with the restoration. Chrome is in very good shape.
Bob
1937 Champion D2C Deluxe Lite Twin
1954 Johnson CD-11
1955 Johnson QD-16
1957 Evinrude Fastwin 18
1957 Evinrude 3022
1958 Johnson QD-19
1958 Johnson FD-12
1959 Johnson QD-20
1982 Evinrude 25hp
“Every 20 minute job is only a broken bolt away from a 3-day project.”
"Every time you remove a broken or seized bolt an angel gets his wings."
