No its not supposed to wobble. But a 60 year old tractor is going to have some worn parts.
You first have to find out what is worn an where the wobble is coming from. If from the bearings/spindle, thats really not good and needs fixed ASAP before you lose a wheel going down the highway.
IF thats good, , then it is likely the radius rods. Which is that long tube that hooks to the front axle with a vertical pin, and comes back to the side of the transmission with a ball and socket connection. Those are usually pretty wore out too. To tighten that up, poor mans way, is to cut a shim out of something softer than the cast iron. Like an aluminum can, or even plastics material like UHMW or HDPE, and form it around the ball, and bolt the cap back on. That will get you by a few years.