Good catch--not right if the shaft can separate from the rag joint--too much play and not safe. 45292-60011 is the foam cushion bush for the non-collapsible shaft. The 45222-30030 is the correct seal for the bottom of the collapsible shaft cup and is snug around the shaft circumference. There is a bit of in-n-out play in the cup that the lower shaft sits in, by design. But if the crushable shear pin on the longer, sleeved, upper shaft has been breached(not the swivel pin that holds the two anti-rattle blocks), or if the compression spring is incorrect or has been compressed and lost its length, or if the lower shaft has been replaced with a home-made replacement cut from a standard shaft, there would be excessive in-n-out play. The Arabs are known for their gimmicky replacements that look "good-enough". Sorry, I don't have one out and handy to give the measurement of the lower shaft, but perhaps someone with a collapsible column could give you that length measurement to check.
As a last resort you too could create a replacement lower shaft slightly longer than your existing to make up for the unwanted extra play.
BTW, their collapsible column isn't perfect, but an attempt to give some protection from getting speared in a head-on. Modern designs are likely much improved, but interesting to see how they engineered their solution anyway. Not every 40 series got them, limited markets, since they concurrently ran with the standard one-piece less complicated shaft.
Thanks for bringing this up--it will make me go check the play on one in service when I get home tomorrow evening.
Just my two cents. Good luck.