OEM Husqvarna Oil Tank Vent 272 61 268 #503668403
This is the part number for a new oil breather vent pipe. They are only about $6 so price is no problem. If you suspect it faulty, you simpy replace it.
Remember rubber goes hard and brittle over time, so will start to leak, whcih sounds like your one has.
I do these vent oil pipes when doing a full service on some saws for people as a matter of course and replace the open bearings for the crankshaft also, again just a quick easy thing for me to do while inside the crankcase.
I do crankshaft bearings to slow down the saw over years getting more and more vibration coming through to the users hands.
You might not be happy breaking crankcases to do this, and if this would be your first time, then it takes a bit of working through to get the crankcase split to replace the vent pipe.
I will put up a couple of pics of one right now I am working on. It is a 55 husky, but same technique and design of an oil pipe vent.
On the piston side, I am still trying to work out, but it sounds like far too much movement, but also they do have side to side movement, as long as no up and down movement.
Do not fit a spacer, what-ever you do, as these crankarms are machined to turn at high revs and adding spacers will cause problems to the balancing and may cause the saw to littery explode if something goes wrong.
You will understand now why they do not fit spacers, so you should not attempt this.
The needle roller bearings inside the sleeve will run side to side as is normal. it still has the needle rollers in contact with the con-rod on the crank side and the piston side.
You can take it to a machine shop, lawn-mower shop etc, and ask them to let you know if they think it is still with-in tolerance to be used like you describe.
It might cost you an hours labour for there work, but give you piece of mind.