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Howdy Jack.
Yes. Both operations are often done together.
Tightening the sideplay can done by squeezing the slide, but it's a tricky operation that can break a slide if over-squeezed and/or taken too far.
Also, the older slides weren't hardened throughout, and would tolerate it better than newer slides. There's a technique that's a little too involved to outline here, but basically is done with shims of increasing thickness in order to sneak up on the final amount. For hard slides, I also like to heat them in an oven beforehand. About 250-300 degrees should do...and you still run the risk of hearing that dreaded "tink" that lets you know you've just turned your slide into a paperweight. I don't like to squeeze slides if there's any way around it.
Some smiths...on some guns...weld the frame rails and recut to fit the slide...if the rails are worn to the point that too much slide work would be required. That's very much old-school these days though, and rarely done any more. More time and cost effective to reject the frame or slide and start with new components that are plentiful and reasonably-priced.
The horizontal fit isn't as critical as the vertical...either for accuracy or functional reliability... (No Virginia. Rattletrap loose doesn't insure reliability.
Beyond a certain point, it can be detrimental.)...but it does have a definite effect. For a general-purpose, go anywhere/do anything 1911...Kuhnhausen refers to it as a "Rough and Tumble" gun, about .005 inch in both planes is good enough. I like to see .003 to .005 as a good balance between dirt/neglect tolerance and accuracy. Accuracy is more closely determined by barrel fit anyway...and the group difference between .003 inch clearqnce and .001 inch...or match-grade fit...would require a Distinguished Expert or Grand Master to see the difference, and unless the barrel is carefully fitted,
even that class of shooter ptobably couldn't tell.
Hank,
If the 009 gauge slips into the gap with a .005 inch indicated vertical play, it's likely that it's at the dust cover...and probably due to the fact that the dust cover is slightly angled toward the front. This si done to prevent cracking at the junction of dust cover and rails...in the corner where a stress riser or three probably exist. Many folks don't realize that when the slide hits the frame in full recoil, the dust cover flexes upward slightly. The clearance is there to prevent contact between the top of the cover and the slide rail...which would stress the thin cross-section and start a crack if the contact was very hard.
Another point is that...a gun that is fitted with .003 inch will be barely discernible when the rails are dry...and when oiled, the gun will usually
seem to be fitted with zero play. You'd have to pull hard and watch closely to be able to see it.
On peening and swaging...the rails should be swaged as straight down as possible. The punches are designed to do that. Peening compresses the steel some, and usually brings the rails down on a slight angle. Straight down is the best and longest-lasting method, and whenever I do peen, I usually clean up the tops by draw-filing and follow by swaging for the final fit.
Be aware that when you do either, you lower the whole top-end of the gun...which may require adjustment to the disconnect's timing slot. If the rails are peened and swaged...and draw-filed to clean the marks, you may also have to refit a new ejector, since it often creates clearance between the bottom of the ejector and the top of the frame.