I suppose there is a spec in a factory service manual. That idler attaches with 2 ball studs. Total of 5/16 movement is 5/32 from center and that being split between 2 ball in socket assemblies so... I don't know that a brand new one wouldn't be about the same. If my memory serves the spec for a ball joint is about 5/16. That's one ball/socket measured in a lengthwise direction. Maybe they check both ends of this idler in the same manner using a tie rode end spec ? Anyway...
The 68 and later idler arm design rotates on a bolt at one end so less deflection there. That assembly has a rubber spacer which allows some movement.
Upgrade will require, Cut the one clip off the 67 K and weld on the 2 clips ( only way to keep the drag link leveled ). Either fabricate or rob the factory 2 hole clip from a later K. I never see that piece for sale used or reproduction. Good luck