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Having zero specific knowledge of this bike, I downloaded the Clymer Repair manual from Greg Bender's This Old Tractor, and from Tony Lammers in the Neatherlands, the parts manual. Both of these manuals, cover the 1972 machines. The parts manual clearly shows a range of shims available to set bearing preload, and Clymer discusses shimming the tapered bearings. Unless there is a substantive difference between the 1972 and 1973 models, looking for excess play in the tapered roller wheel bearings, may be a better starting point than suspecting a problem in the rear drive.Ciao,Dick Casey
Axial play at the bearing is not measured at the rim. It would be a lot less measured close to the bearing.
http://www.thisoldtractor.com/moto_guzzi_loopframe_wheel_bearing_adjustment_shimming_set_up.html