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Your movement at 12/6 o-clock is the play where the half shafts go into rear end. There shouldnt be any real play at the trailing arm bushing. Watch the center top of trailing arm when You are pushing tire and You will see them twist, or at least You should. If not look for shims inside frame rail ends where trailing arms and bushings mount.
Aussiejohn here, I'm staying at Solid's house for a few days after spending last week at SEMA. I like the yellow wheels, Code, keep them if it floats your boat.
I'm also looking for another '74, but this time a convertible. Preferably manual and with both tops. Not a concours car, just a good driver with nothing major to do. Anyone here know of one in the San Fran/Fremont area?