steering geometry
No, the bolt should tighten it up to where it takes some effort to turn, and there should be NO up/ down play. Either the K mounting is bent, you are missing some parts, or it's the wrong idler.
Only picture I have is the 67 which shows a single--ended mounting scheme
Here's another thread on the subject
http://www.forabodiesonly.com/mopar/showthread.php?t=79013
(Sure wish someone would put service manuals online)