Like Zulch, I don't want to step on Mike's territory. He's the expert in this stuff. But it sounds relatively straight forward to me. First, fix the loose arbor. Disrupt the shoulder on it and re-intall it. Once that is fixed, address the short arbor. Like Capt said, it is short. They all are. Once that has been remedied, figure out the slot issue. You may have to open up the slot on one end or the other to make the wedge work properly. After all this, you should have a very good functioning pistol.