Deone, what happens to the slope opening on the top rib extension is about many years of the gun being closed, the rotary bolt rubs against this slope and starts to wear it out, causing the top lever to move more to the left of center. I always try to hold the top lever over when closing so this does not happen.
If you are saying your top lever is at between 5-6 o'clock you are fine and being a little loose is ok but it should be on face. Is it loose with the forarm on? Tig or Mig will do it if it has to be done.
If you have any thin fuse wire, 1 or 2 amp put a tiny piece on the hook and close the gun and see if there now is any side movement.