Those two bolts are for the packing material and if you tightened them up, you'll smoke the packing and it'll have to be replaced. They should not be "cinched up". You're gonna create work for yourself if you run it like that. The packing is designed to let a certain amount of water past and it won't do that with it all tightened down. According to the book it should be tightened down just until some resistance is felt when rotating the shaft.
I would say that by attempting to tighten the packing gland up you may be masking a problem elsewhere. I'd put the bowl back on and then check the up/down play in the shaft again. There are bushings in the bowl that the shaft passes through and I'm sure it'll reduce the amount of play when it's completely assembled and supported as it should be.
Hope it helps in some way.
[ June 12, 2003, 06:51 AM: Message edited by: Squirtcha? ]