Hello Bhap,
This area at the top of the kingpin contains two steel excentric bushings in the upper control arm at the king pin. The king pin also has a steel bushing which threads into it and an excentric upper "link pin". This entire assembly is used to adjust front end caster and camber.
This area usually is first to wear. If it has been greased from time to time you may be lucky and only need to replace a bushing. If the assembly has been left ungreased wear and rust damage occure. In these cases the king pin assembly, upper link pin assembly and lower trunion assembly may need replaced. Hope you get lucky. If you need to put the work off for a while. Have the front end greased right before your next inspection, The grease will temporarily tighten everything up! But remember this is a safety concern, don't put it off too long or something may break!
Ericmarciano on this list just went through this project.
Also make sure that the play is not just a loose wheel bearing. 50,000 miles is a little premature for this kind of problem unless it has not had its regular chasis lube service.
Joe Alexander
Blacklick, Ohio