Until I got it back together!
Upon reassembly I could easily feel a bit of play in the system when I tried to move the swingarm up and down. It was quite visible once I looked at the right spot- there was obvious slop in the pivot where the link connects to the frame.
"Crap," I thought. "Shoulda replaced those, too...." Now I'm not so sure!
This is the link:

And this is where the play is:

The fit of the pivot bolt to the ID of the sleeve is sloppy!
Neither the pivot bolt nor the sleeve look particularly hammered on, and the sleeve/bearing interface is smooth and tight, but there's ~.5-.75mm of motion possible between them. Anyone else seen this? I really think it left the factory this way...