On my 1997 h40.5 I discovered slight play side to side in 2003. I checked with the local Hunter dealer and also with the factory. They both told me that some individual boats have some play up to 1/8", and some have no play at all. They assured me that as long as I couldn't feel the play in the wheel, it was fine. I asked about wear in the rudder bearings, and I was told that they have a design life of 50 years.
By all means check that the play you detect is due to a bit of slop in the bearings, and then go sailing.
BTW, I check the play every year, and since 2004 the play has not increased.