The soft lever might be absorbing stress, by bending, and saving the shift shaft from breaking. I have bent my lever twice, and thought it was a little weak, but I laid my old klr down one time and snapped the shift shaft off right were it entered the engine.

 

Just another stupid newbie question, but does anyone know how tight to tighten the shift lever? I don't want to over tighten/strip it, but I don't want it to be loose either.

 

87 inch-pounds, according to the all-knowing service manual.

As for the shifter play, mine is barely none in any direction, I doubt its a quarter of an inch from lock to lock.

 

Loctite or lockwire or both. No shifter means you're walking home.