The cylinder axle is usually the culprit to a loose brass framed revolver. I would say ,010 or less would be safe between cylinder and barrel. These old brass frames were usually loaded with the loading lever and created stress on the axle where it enters the frame. The wedge can also wear because of loading lever. Not to tell one there business, but I would invest in a loading block and not use the loading lever for anything, but emergency field loading. I haven't seen the newer brass frames work loose , yet, by using the lever, but these older models just didn't have the metallurgy in them.
I have had the machinery to resolve the frame problem and have, if the frame doesn't have cracks extending around the axle shaft, although it worked, I was never really satisfied with the results. I over bored and rethreaded the axle bore in the frame and turned the axle to the cylinder size. As far as wedging behind the cylinder, remember the hand has to operate the cylinder, and here is another weak point in the old colts pertaining to the hand spring. A loose cylinder will effect timing, and the farther away from the frame will do the same. I may be full of it, but it stands to reason to me if the cylinder is farther away from the frame will slow timing. Yes, it may shoot, but the cylinder lock will probably scrape the bottom of the cylinder and the hammer will have to be operated with a quick pull back to kick the cylinder into lock position. I would say the pistol is still safe to shoot, if it's only loaded 40-50 rounds , but I would go the loading block method for loading. windy, ain't I. 2 cents