Blake,
I talked to John Craig about this one day because I thought my turbo was shot for a similar reason. I could "wiggle" the wheels around about a half-millimeter. John said the "wiggle" was fine, but "back and forth" was a bad thing. He explained to me that what happens is the wheels spin so damn fast that they stabalize themselves on a bearing of oil. What hurts them the worst is the "chattering" or "back and forth" movement when you get out of boost quickly.
If my turbo did what yours is doing, I would have sent it back for a looking at as it might be "dicked up". BUT! My turbo was not stock, so this whole schpiel may not have any relevance to your situation.
Let's hope for your sake this is the case...
HTH
Brandon