I have three taurus revolvers, and I have had a similar problem with one, but it wasn't play in the hammer, it was rubbing against the frame. Well, not the hammer, the hammer pin was, so I had to rub that down, and all better.
The cylinder release on them does move around a little on some models, but it doesn't take down on the function of the gun whatsoever. Haven't been able to rattle loose or break the release on my m444, and it moves up and down a little bit.