No, that isn't good. There is a lot of play somewhere. Most likley in the rod bearings, but also could be wrist pins or pistons.
A good mech should be able to pick out any problems easy enough.
It might be a good time for a bore job, all new pistons and fresh crank. Also how is the head? Make sure the cam is not loose in the head or the lobes arn't worn down.
