But I think the suspension may have been lifted via the shock/spring.
when on the center stand, I can move the side stand up and down about 2 inches. There is definitely give, but not sure what's normal.
In your case, the
suspension has not been lifted; the swing arm and wheel assembly seems to have been
extended by a shock absorber that is too long.
Concerning the side stand: What's normal in an fully-extended side stand leg is not much play at all, but play increases with usage. The bolt that mounts the side stand fits into a bushing within holes in the side stand yoke. When the bushing wears, there is more play in the side stand leg. When it wears excessively, the bolt that attaches the leg may deform the mounting holes and cause even more slop.
As has been indicated by
Edward, material can be added to build up the side stand foot. Some owners have installed lifts under the foot made of aluminum, steel, or other solid material. Verify that whatever is used, it does not contact the muffler. If the rubber stand bumper is in reasonably good condition and not wobbling in its mounting, when excess play is eliminated from the stand leg, it should nest into the bumper when lifted.