It's hard to say whether too tight or too loose is worse, neither is good. I don't like adjusting by spindle feel, it's too subjective and things like seal drag make it a tough call. Mount the right crank and tighten it normally and check for play where it's nearest the chainstay. You want to continue to tighten until there's zero detectable play.
When you think you've go it, mount the left arm and test for play by tapping or flexing the left arm and looking or feeling for a reaction in the right one. There shouldn't be any.
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