Wayne it sounds like the bearings need looking at, mine is the same, the grub screw on the top of the casting been able to adjust the tightened and fit of the bearings.
(I'm just regurgitating what I have have been told with the issues with my lathe)
I have been cautioned that great care needs to be taken to make sure that they aren't over tightened, if you do, then you will take to your lathe with an angle grinder and/or hammer. As the headstock will go ping and you'll be left with a nice cracked headstock.
I will need to be doing the same to mine, but at present I daren't, I've bearly used the lathe so if I knack it I won't be a happy bunny.
So long as you don't have movement up/down or side to side more than one or two thou, you will be ok to use for now. Stick a bar into the three jaw, around 1" dia and about 12" long, lock it in place, and put a dial indicator on the side of the chuck, mounted to the bed. Rock the bar and see how much movement you get.
Edited By Jon Cameron on 24/09/2017 17:39:45