I don't think anyone can say "you have to update every XX years", as all hitches are not equal, or have the same care.
After 12 years, and your words "put up with the slop", I would just get the new B&W that you are considering.
Your Husky should still have some value, as it is a good hitch. I'd sell it, maybe getting a third, or near half the cost of a new B&W 16K Patriot. I'm guessing you have rails, and the Patriot is IMO, the best hitch out there for rails. You will have ZERO slop, and a very user friendly, well built hitch, that has a lot of ahead/back adjustment.
I would not "PUT UP" with anything, that I could easily replace! I'd get that new Patriot ordered today, from etrailer, or tweety's, and sell the old one, whenever you get around to it.
Jerry