Quoted:
Mine has a little play, but I think it's normal. The turret on my 4 hole turret has more play (up/down) than the single stage press. I looked inside the threaded area. There is an o-ring, but not on top. It sits in a groove at the base of the threads. Is that where you are talking about?
Sure enough, I get to home actually look at the thing and there is an o-ring at the bottom of the threads. The guy I was talking to at Lee had made it sound like it was on the top, and that would have made total sense to me.
The guy at Lee basically told me to just depress the lock button and turn it further if I wanted it tight...until we came upon the now false fix of the "missing" o-ring.
I have to say that I am less than impressed with this setup so far. All Lee would have had to do is either machine the threads right, or make a close tolerance fit where the lock pin hits the bushing, but they did neither.