Yes, I'd say 3/4" total. Really not that bad. It shifts fine so no problems there. I wouldn't even have considered doing anything about it but I noticed the gap and amount of play where the shifter goes into the transmission and thought it might be worth trying to tighten up.

Old trucks are a new experience for me, I've been spoiled (or poisoned) by new cars/sports cars, etc. and my mind thinks that everything needs to be tight and precise.