Height control valve assembly

I'm planning on writing it up for inspection at my next service interval, but I was wondering if anyone else has had this problem, and if it's an indication of a worn or defective part, or just an adjustment issue.
I drive a '14 Cascadia 2 axle daycab leased from Penske, and the height adjustment on the drive axle seems to vary from day to day by a slight amount. The arm that's connected to the valve assembly has always been a little loose, and I assumed that was normal to allow for movement during varying driving and road conditions. (This is the first truck I've ever had assigned to me with air suspension. Before that, I had driven them only when my spring-ride was in for maintenance. That was with another company.)
Anyway, the variance in height, and the arm being somewhat loose: are they indicators of a worn or defective part, or just one that's out of adjustment?

 

Doesn't that depend partly on the type of 5th wheel you have, as well? Some sit taller than others.

 

I was kinda thinking the same thing. I snugged the nut down a little, but I'm thinking the damage may already have been done to the arm or the shaft it connects to. Is the shaft splined? Squared? I didn't take the arm off. I was going to, but I didn't want to create a problem that I would have to explain later!

 

One thing I noticed about mine compared to literally every other truck we have (small fleet, we have 11 tractors and a few straight trucks) is that the arm on mine is mounted backwards. I'll try to find an example online, bit if I can't, I'll take pictures at work this afternoon and post so you can see. Could that possibly cause premature wear?

 

Found one that looks very similar to mine. On mine, the arm is reversed: the offset moves out from the contoller as opposed to in, as you see here.