clllcal: that 'excess' play you feel is only because you have the slide locked back. The barrel bushing on the 1911s, even the Series 80 Colts, do not provide for a tight fit when you have the slide locked back - the fit becomes tight when the slide is all the way forward and into battery. Then you shouldn't have any play at all.
Let the slide go all the way forward and into battery (unloaded, of course)and then stick your little finger or something close in size into the end of the barrel and try and wiggle it then. I'll jes betcha you won't have any play then, and that is the way the 1911s are supposed to work. Also, you didn't mention any loss of accuracy after having the pistol for a couple of years so I think this might just be a situation you had not encountered before and it caused you some worry. With this in mind I do not elieve you had/have a problem to begin with and there is not problem to solve.
Now, as for your grip safety - is she loose and rattling no matter how the pistol is set, locked back or into full battery??? If there is no malfunction with the grip safety (other than your concern for the 'looseness') and if she doesn't bite the web of your hand when you fire it or rattle excessively when the slide is into full battery then you don't really have a problem there either. If, however, you still do not like the 'loose' aspect of the grip safety or if it still rattles too much for you, then call colt or a colt parts dealer and get another one. If you want something a bit more comfortable I would suggest an aftermarket beavertail grip safety that does not require any gunsmithing or modification to the frame for installation, and there are a number of parts available for just that purpose. A few lines down in this forum some of the posters were asking questions about parts for the 1911 and you should find some excellent information there.
Hope this helps. Keep us posted on how it goes for you. Mikey.