Newer alloy frame J's definitely do not have the fit of their older steel predecessors. My 438 has about .0002" gap just below the ejector rod, but locks up tight with no play at all. What should be of concern is the misalignment of the ejector rod-to-barrel lug and detent, plus the non-concentricty of the ejector rod into the yoke bearing surface. The cylinder may be cocked slightly in the frame, exhibited by the e-rod alignment. By eyeball, you can see way more than a few thousandths out of kilter. This could cause problems down the road, even if there is currently no lead shaving.
Easiest way to determine if the chamber-to-forcing cone alignment is within spec is to have a gunsmith check it with a Go-No-Go gauge.