Some people have reported that there's a little bit of up-and-down play in their Chinooks. That's sort of the nature of the beast with lockbacks though: many of them have a small amount of vertical play. It can be annoying, but I wouldn't worry about it unless you have, like, a lot of blade play.
I agree that you should try tightening the pivot if you haven't already done so. You would think that it would just help reduce side-to-side play, but it can actually help with up-and-down play too for some reason.
My Chinook doesn't have any side-to-side play unless the pivot is really loose, but it does have just a smidgen of vertical play unless the pivot is really tight. To get a perfectly solid lock-up, I have to keep it a bit tighter than I'd prefer, but I lube it with Break-Free and it still opens very smoothly.