centerboard noise
As you surmised, any sound is not a good thing. The looseness may be from the hole in the centerboard through which the pivot pin passes is no longer round and small enough to prevent lateral movement. In the beginning it's not dangerous, but as the wear progresses, the misalignment could affect your ability to raise it centerboard back into it's slot, affect sailing performance, and eventually perhaps create more wear on the cable.If it's not the hole in the board, but the pin itself that is worn or corroded enough to allow severe knocking, then you would be in danger of losing the centerboard entirely, or have it left hanging by the cable and unable to trailer your boat again from the water.Galvanized and stainless cable both should be visualy checked every few months when in salt water or used frequently in salt water. The galvanized with wear and rust, the clamps or swages on the stainless will corrode as they are not stainless. All wire should be inspected once per year, salt or fresh water, for broken strands.One tip for helping any cable last longer is to grease it well with lanolin, or synthetic silicone or teflon grease designed for high temperatures. Winch or trailer hitch white grease could work, I think lanolin is best. It reduces corrosion and wear on the strands. I kept tension on the cable at all times to prevent snafus on the reel of the winch, and to use the resulting humming sound at speed to help me gauge changes in speed while sail trimming or crew shifting.