David,
I was talking to a mate yesterday about the sloppyness that would occur.
You will have to get a longer threaded bolt. You fit it from under the base upwards then run a nut down the bolt and tighten it. This will take out the slop and give you a solid point for rotation. The friction on the bearings can then be adjusted using the top nut, I haven't actually seen the arrangement on his dob, but it should work fine.
Mike
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