Not bolted the plate back on yet, but I bought an open end ratchet set just for torture devices like that bolt.
Having taken my side stand on and off three times now in as many weeks I'm fairly confident saying if it's sloppy, you likely need to repack with cup grease and tighten it down an extra turn or two. (Wedged about 90¢ worth of nickles into the spring to get it back on. Thanks to whoever posted that trick.)
I don't remember ever taking the side stand off my original '82 Special, but then, the sump plate on her dropped with no issues. Interestingly enough, when I went back to grind off some of what I thought was a poor welding job, it turned out to be yet more road dredge, despite my previous cleanings. Practiced with the original plate and beat-to-hell sump filter until I'm fairly confident I can get a working filter in and out without damaging the filter.