A crank that wobbles loose can become permanantly damaged within minutes. Dont ride it until you sort the problem out. Is the flash the result of damage ?

Campy has a slightly different shaped taper to Shimano (more the size than the angle) , and you really should stick to Campy BBs for Campy cranks.

There is a discussion at
http://cycling.org/lists/hardcore-bi...9707/0081.html