I have a 69fj55 that came with three on the tree. I really like the column shifter. It clears your floorboard space and keeps your shifting hand closer to the steering wheel. However, I really hate a non-synchronized 3 speed transmission. All that is really involved is to swap the top plates and cut a hole in the trans hump. You don't have to pull the trans, just remove the trans hump cover. I went with a 4 speed tranny, which is light years ahead of the 3spd in comfort (and a bit ahead in deepness of gearing).
I'd sell you a downey top-shift conversion for cheap if you'd like (PM me if interested), but if you are going to keep the three speed I don't see the need either. On mine, the play was in those little ball joints on the linkage a little. The biggest amount of play was from where the column shift mounts to the column behind the steering wheel.