This is quite common and the degree of wobble can vary depending upon machine. A video of the action would be helpful to confirm.
There are ways to adjust but it may be more trouble than it's worth. Pulling the MPF is a little tricky until you learn how it works. Then, it's not bad at all. This may help: https://docs.google.com/viewer?a=v&pid=sites&srcid=ZGVmYXVsdGRvbWFpbnxwaW5iYWxsZmF6fGd4OjVlYmVlYzE5OTA0MWNlZmQ
The elevator brackets are the influencer of the wobble. It can develop slop by slowly warping / spreading apart over years of stuck balls. As the roller goes up and down the bracket there's room to shimmy. This can be tightened up with a C-Clamp. If it's warped (I've seen some pretzels out there), you need to true it up.
The most likely cause of the wobble is the rotating cam over extending the travel of the bracket. This is trickier as you need to affect the stroke of the cam. Shims at the motor mount to push it farther away from the bracket; this extends the rotation of travel down...thus, reducing the extent of the 'hump'; the bracket must be shimmed at the top of the MPF as well otherwise the MPF will sink below the PF. I've not had to do this myself, but I think I helped someone through this fix a few years ago...I can't find the community post...so, I think this was done over a series of PMs...(we were guessing at the time).
Here's a drawing that shows a good view of the brackets/motor mount.
Post a video of the action on youtube.
Good luck!
faz
MPF_Side_Drawing.jpg