If it's not TOO loose, I'd be tempted to go with it. Qualifiers would be a) how much play in the bearing before replacement, and b) how far from the bearing to the engine? Was the alignment KNOWN to be good previously? Recommend you replace the cutless, then loosen (NOT remove) the coupling bolts and check the alignment - you only have to back the coupling bolts off a turn. Check vertically and horizontally. Correcting misalignment can be a LOT more work.