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I was told by a reputable gunsmith that the lock-up of the barrel to the slide is more important.
However, he recommended slide/frame tightening.
I had a Browning hi-power that had a ton of slide/frame movement but was still extremely accurate.
On any of the parts bin variants of the 1911, you have to expect some slop. If it shoots a reasonable group, I wouldn't worry about it.
If you can't shoot it and are shopping; like prproulx said, fit at the hood/lugs and bushing are more important. If you can move the barrel at the muzzel or push down on the hood, look for another one.