I have a pair of Shimano M747 pedals from the mid-90s. I love them, used them on my mountain bike for a few years. They then they sat idle until this year when I put them on my road bike. They were working fine with my Shimano shoes (also from the mid-90s vintage) for a couple of months until the sole started separating from the shoe and I bought some Specialized MTB shoes and a new set of SPD cleats.
Within the first 100 miles of riding with the new shoes and cleats, I started having an issue with the left pedal creaking like crazy. Copious application of White Lightning to the pedal would quiet it for a ride or two. On the upstroke, I could feel some up/down play in the pedal. Just to rule out cleat differences, I swapped my cleats onto the opposite shoes and the play still exists in the left pedal.
I've tried readjusting my spring tension and can't see anything obviously wrong with the pedal. There is no play as far as I can tell in the spindle.
Is there a way to overhaul the SPD assembly? Or should I just give up and consider buying a new pair of SPDs?