Yes... in a seadoo pump, the axial play can be BIG. I've see 3/16" in and out. The reason is that seadoo doesn't load the bearings in the pump. The pump running in the water pushes the shaft forward, and up on the thrust bearing. This is why seadoo pumps "Knock" when the idle is set low.
As long as there is no radial (side to side) play... you should be fine.