Even the very worst - I mean ridiculously bad - bearings should be able to be ridden with less than 1/16" play at the rim. Don't worry about how bad they feel, the wheel is shot anyway. Tighten them to the minimum play at which the wheel will still turn, and shop for a new wheel.
Riding a sloppy front wheel, isn't all that dangerous, total amateurs riding clunkers do it all the time, but keep a tight rein on speed on descents because it will compromise front end stability.
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