Fairly tight is fine then. Use it as it is. It only moves with the adjustment bolt against the T bar.

You can bolt it back into the K frame to hold the pin, and with out the adjuster bolt - nut. Then you can move it up down with lube to loosen it up. But the side plates could be just tight on yours.

More important is if the holes in the K frame for the pin is wallowed out. That taper on the pin close to the bushing should fit snug into the K frame taper hole.