A little vertical play in the magazine is really neither here nor there, as long as the feed and barrel ramp angles are correct. When the magazine is full, the top round dives and hits the ramp farther down than when the magazine is at the mid-point. This is caused by the lack of cartridge support at the front on the top 2 rounds. So, how can a 32nd inch of vertical play in the magazine have any practical effect?
I have an unaltered GI Colt manufactured in early 1919 that has more than a 32nd inch, and it'll feed hollowpoints and SWC as readily as hardball...and it'll do it from the old "Hardball" magazines.
The 1911 was designed to function, and it was designed so as to allow for minor manufacturing glitches and fairly wide tolerances. If it's correctly built to spec and fed halfway decent ammunition from proper magazines, it will function. It doesn't have a choice. It's a machine.
If your front porch collapses and kills more than three dogs...You just might be a redneck