yes. it will stay tight if you crank on it, make sure you have that washer.
i had the same thing happen to me.
as far as the play is concerned, it will actually work either way but its suposed to be facing down. as in flush with the top but allowing the curved part to make contact with the peice that holds the trem arm.
there was a diagram of sorts hanging around here somewhere but i can't seem to find it.
hope that helps!
