I have my CB500 torn down right now. I can grab the swing arm and wiggle it side to side on the cross shaft, time for new bushings? or is there some play supposed to be there? My mind is telling me new bushings are in order?
Trust your gut on this one. AHRMA won't let you on the track with a loose swing arm. If your bike is anything like the three CB350's I've acquired, the last time the swingarm was greased was in Japan. Parts should be available but figure out where the wear is. It may save you some money on bits. I replaced everything on my race bike but the parts were almost $150.00.
as tsated there should be NO side to side play. try tightening it up, I have had mine fail tech because it has come loose. If that doesn't do it replace the bushings. In my experience it's usually the outer bushings that need replacing. Them inners are hardened, no need to replace them if they are in spec.