Sure, it just depends on what you are trying to accomplish. Loose throttle arms can be for a number of reasons and it just depends on what's worn. Sometimes it's the throttle shaft to the butterfly and sometimes it's the bore that the shaft goes through.
You need to see which it is by disassembly and inspection. It is also possible to "cast in" a sleeve seal using Permatex form-a gasket as long as the parts run true on center during rotation. You just pump it in and let it set, then twist the parts to free up the rotation. You need to lube up the shaft first so the Permatex doesn't adhere to the shaft and it will rotate freely.
It's also possible to create the seal just on the outside of the bore, but again the parts must rotate on a true center for it to work.