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Leave the pointer adjustment alone until you fix the sloppiness in the lever. It usually the loose screws as already described or worn out shift tube bushings that cause that sloppiness.
Mine was really loose. There are 2 torx bolts (t-30 I believe) at the end of the shaft under the dash. Mine were loose and tightening them up made a huge difference. There are quite a few YouTube videos on it also. Just look for loose Ford column shifter.
You can also replace the shifter tube bushings to get rid of more slop. They are super cheap. I may do this at some point, but for right now tightening the bolts helped a ton.
Yeah - super simple. Mine was very sloppy when I bought it. Took the panel off and one of the bolts was actually out and rolling around in the trim. Tighten them up and it's like a new shifter.