Yep.. liek the others said.. draft control is not adjusted, and that free play is activating the valving to lift the plow. That spring rides on a yoke and pin. The fergy I&T manual at TSC will show how to adjust it..( this pump and hyd system is identical to the ford 1939-1947 9n/2n setup.. nd a tad different than the 1948 8n setup.. ) but it mainly consists of screwing the youk ( that connects to the toplink rocker) into the rod.. however.. 50 years of rust usually makes this more or less a 'unit' instead of individual parts, and you are likely to break it putting enough force on it to get it to screw in. some have reported luck by getting it red hot with a torch.. and allowing to cool, and then hitting with penetrating oil.. then continuing.. all the while tapping with a tack hammer.
That said, you can also shim it tight with a few large honkin flat washers with a notch cut out of them so they can straddle the rod.. just find one big enought to drive into the gap under a tad bit of tension, and you will eliminate the free play, and then once again let that big spring handle compression and allow the rod to actuate the valving on the underside of the hyd topcover more correctly.
Soundguy