The clutch throw-out arm rides on a ball-and-socket joint. There isn't anything to keep it from wobbling side-to-side except for the sleeve on the transmission. And the fact that the clutch cable pretty much pulls straight back, and that's the only other source of load on the arm.
I don't recall this being a problem, but I suppose it could be eventually. The sleeve is replaceable, but I think it would take more than just 30 years of use to wear it down...
--DD
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Pelican Parts 914 Tech Support
A few pics of my car:
http://www.pelicanparts.com/gallery/Dave_Darling