Is there a figure used for "acceptable" pin box flex? Doesn't seem like with the amounts of weight involved there could be zero flex. Anyone know of a tolerance figure (e.g. 3/8, 1/2 etc.)?
You failed to mention how much flex you are experiencing. Given the age of your rig, I would remove the lower cover surrounding your pin box and check for stress cracks in the frame. Move it up and down and put it under load, either with a forklift or just lowering onto your hitch.