Main bearing cap wiggle

Is this #4 cap OK?
As is, No it's not. This engine had to of had a bearing strain/stress/failure issue in order for the main cap to "shrink". If it was a SBC 283-327, W chev 348-409, chev 230 250 292, this is common,old age, BUT a SBM with a shrunk cap has had an issue. Can it be fixed? Yes.
As is, without corrective measures, it will pinch the side clearance of the bearing. The cap needs to fit tight in to its saddle.