I have 16 PM2's, and yes, there's some variation. The newer ones (red M390, 52100, Maxamet) seem to be the best out of the box. I have one S30V that's on the stiff side and 2 blue M390's that are loose.
So basically there are 3 modes of adjustment:
- Adjust the pivot and stop screws. If that provides the action you want with zero lateral play, you're done.
- Remove material from the outside faces of the pivot.
- Remove material from the faces of the washers.
Before doing any of these, I would take the knife apart, lightly stone the pivot areas of the liners and then polish them to 1k. That ensures there aren't any high spots. You don't need to remove the lanyard tube, just pivot the scales. Then I would gently polish the washers on a smooth strop. You can either reassemble the knife dry to check it, or go right to lube, which obviously takes up some slop.
My goal is ideally to get the lateral play to zero with my preferred pivot action and all the screws fully tight. That way the screws are less likely to move, and the assembly is easily repeatable. Once that's established, I use blue loctite on everything.
The first one I messed with extensively is a blue M390 that had lateral play with the screws fully tight. It took a while, but I got it perfectly dialed in. Next I did a jade M4, which also had some lateral play and got it perfect too. I took one of my 52100's apart for patina, but it needed no changes - I just lubed it and reassembled with loctite.
My older S30V has been used quite a bit. It's been carried for about 5 years and opened many times. It's still a little stiff when adjusted with zero play (which is not at full screw tension). So I'll probably take a little off its washers at some point, just to experiment.
Anyway... each PM2 is a little different. So depending on what you want, you may want to experiment a bit. And as others have said, the newest ones seem to be really well dialed in from the factory. The older ones seem more likely to have a little lateral play.