Freewheel Question
 

I have a 1991 Giant Iguana with Shimano HG-22 (mf-tz20) on the rear wheel. When I spin the rear wheel with it up in the air and watch where the hub? comes through the freewheel I see what appears is a decent amount of up and down movement at the freewheel bearing?. The quick release is tight. I also can grab my rear wheel without spinning it and there is a decent amount of side to side movement. I am considering putting a new freewheel on the back and I am wanting to know if this will fix the problem or if it is the hub that is shot. Thanks for the info ahead of time. god bless

freewheel play (is normal to have some wobble but not too much maybe 1mm is ok). If it is large wobble you can replace the freewheel, or you can carefully adjust the play*.

*remove the wheel, lay it horizontal, remove the ring with two holes (in clockwise direction!), and WITHOUT LIFTING the gears, pick and remove one spacer washer you will find in there along with those lots of tiny balls that you want to stay in there. The key is to work slow and after removing the two-hole ring-cone thing the wheel should be kept at horizontal not to spill ball bearings, and do not touch the gears in an upward motion (it will come off and make a mess spilling a lot of balls/springs/pawls.)
After removing one spacer, reinstall the two holed cone-ring thing (counterclockwise!) and then check for play. If it's too tight add the spacer again (maybe a smaller spacer).. you get the idea.

If by grabbing your rear wheel, you mean grabbing it by the rim, then side-to-side movement usually indicates a hub problem or loose spokes. Loose spokes are the easiest to diagnose and eliminate as a problem. Movement in the hub usually indicates badly adjusted bearings or a bent or broken axle. If there is movement in the hub, then that movement would add to any movement of the freewheel relative to a fixed reference like the frame.

Most freewheels look a bit wobbly even on a perfectly good, well maintained bike. They just don't manufacture the hub with total precision.

However, the side to side wobble WITHOUT SPINNING is caused by loose cones.

I don't know this for a fact about YOUR bike, but I am 99% certain you have bent your axle and it's what caused the cones to loosen up. The old school freewheel hub alxes are a bit weak. The axle can even be broken outright, held together only by the skewer.

The cones will be shot, because they aren't designed to run loose. The cups don't go as fast as the cones but depending on how long you kept using the bike, you need an axle and cones, or you need a new rear wheel. The wheels can be had for $50 or so minus freewheel, or you can do the overhaul yourself.

I'd definitely pull the axle apart and see if it is bent or if the cones are pitted.

thanks for the help guys
 

:-)