Looking at the parts pics on partzilla i'd say you're ok without the clutch fitted, end play is what i'd expect. But if you fit the clutch & tighten the nut, even finger tight, that should eliminate any end play? so question is, does it?.

You might have two things going on... 

I agree with RT325 and I'm wondering if once assembled you have some play in outer clutch basket and it seems like shaft play?

Anyway, for now, don't install the outer basket.  Install the inner hub, snug nut down until inner hub is tight to bushing (nut is usually not much more than flush with end of shaft...  don't keep cranking on nut if it runs out of threads.)  That should get rid of shaft end play.

That's a good way to test it that i'd not thought of, just the inner hub.

Well I think I have diagnosed the problem. I ended up buying a donor bike for parts so I have a point of reference to compare mine to the parts bike. Turns out the kick pinion gear and collar were frozen on the shaft due to the previous owner not assembling correctly. So after cleaning up the shaft and commandeering parts from the parts bike I was able to reassemble and take out the end play.

Thanks for the help as always!