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How much play are we talking about - a couple of tenths of an inch or 1/2" and more?
A little play is normal in the Corolla, mine had about a 1/10" inch play since new - 185K+ hard miles later, still shows the same amount of play.
As for the squeal - is it there when the engine is cold/hot? Does it improve or get worse as you put more heat into the engine? Could be noise from the serpentine belt tensioner or a squealing belt. That serpentine belt has been known to cause all sorts of noises that "seem" to originate like they are coming from the valvetrain/injectors. Easy test is to run the car (short duration) without the serpentine belt and see if that changes the noise.
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2002 Corolla S, 1.8L 1ZZ-FE VVT-i
2003 Matrix XRS, 1.8L 2ZZ-GE, VVTL-i (RIP)
2009 Matrix XRS, 2.4L 2AZ-FE VVT-i
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