Started with lots of play in the outdrive. I just purchased a new stering arm, placed in on the upper shaft swivel, and this took out about 90% of the play.
My question is, should the new steering arm be a tight fit on the shaft swivel? Mine has a small amount of play even after tightening the steering arm bolt. Should I be replacing the upper swivel shaft also to take out the remaining play.

I guess the steering arm could wear, but usually when you have play in your drive it's because the gimbal ring is worn.

Yeah, what Dave said. There should be NO play between the arm and shaft, however. If there is, it will wear again rapidly and you will be right back to square one. (not to mention the safety aspect) --- JP

Worn bravo gimbal ring. Very coomon. Fix/replace it ASAP.

The swivel shaft fits tightly into the gimbal ring. All the slop appears to be between the steering arm and the swivel shaft. With the arm being brand new, then can I assume the shaft was also worn?

Gotta be a worn shaft then. (though, as Dave said it's not something we've seen) When that clamping/locking bolt is torqued down, it has to be a "no play" situation. --- JP

Is there a torque spec on the steering arm bolt?

The swivel shaft is steel, the arm aluminum. Never seen a worn shaft, pitted maybe. Check to make sure it's tight.
Gary

Add a full hydraulic steering to get rid of the play. Brian at XS Performance have good price, qaulity and is very helpful.

/Torbjorn

seabeach is really right here --- But, Gee, "What's in YOUR wallet?" --- JP