Is this amount of record/tonearm bobbing "normal"

platter cover is definitely rising/lowering

could be it, or primary platter below.

remove it, check primary platter, warped, misaligned?

make a vertical grid to view thru

or, buy one of these

https://www.ebay.com/itm/174856306267?_trkparms=ispr%3D1&hash=item28b63f7e5b:g:QkQAAOSwbdNhAAR2&amdata=enc%3AAQAGAAACoPYe5NmHp%252B2JMhMi7yxGiTJkPrKr5t53CooMSQt2orsSDAeS9EQtjPGVfKXTxF0%252Bjrdzwkj9GJsoGQFbDHXg2HjJbbo4koBqVZV3aUKhII9o9NpHms2YGhQzTNWQjKZkfkT46oS0M6F6gjTDHGIU9T%252BNd0uakf2G1tT%252By%252FHRxgzYDNlkM1lWIh3N0CRi%252Bz%252FTfjw8YGzCIglr8AZTQ7KpCoAXIFlmrzvI7TSNXNqsilUNmZytu4ICXPcXEcmIvqWbEdwIs3hpgqsJpcplc56PfJfA60KXwt49igcg31UOhJQe5ZO4u%252FS93%252BP00G1Zuk6DhfBI%252Bgjk8fj7A3F%252Fw%252BbL59KOXvyU4kge69KDASEChNoXJtKVqvMnmGDrpcs93QWsIzeFvJ6LC5hbopuo2SX%252F87TQdOG%252FRYyxaRZex%252Fp4cpOzekGdV4ppdLQGK6LUfshBlXZFM8a%252FQEXSpNqLDbjNSUIhX8yzlj5fn2nfNRqp9fgLF3ElXx4MrgnJG6SvKEUrqZfzv2gNDOCMv8hhkFquhrKCxBRbuD0dykHDRfuMB8rNf91i8Wr37C5H7MZsdm3Nlx%252BeokX6iSSMST9TWBiprOUSX9w5ebrKc0JcSE3w%252F1NJ2fRdLeMvxhbsXGCtuBrk6T7twGKDjXcwBqDz5F%252Bf3ckWqe31US%252Fiv4iaWMV1kyR2iWiPNxraLe3n3zlvCAIT4eWu0N7%252B8j57WpmC92jPOqVwvBnuxutYoGd3vHS0mIuJvtSyRR0sOAaSvMX2xHUDtWGY2n2wgfnwlwLY05nk8QNdHo8f2Tfy8gOtHq35pPAR97dJ%252BdoWSk8E7U934JAiFO%252FMBm9XdQ8okAYtuhMsLJvqCqjOLFxUcCzfI2lpBGTmcexNccFJ80FfHhjg5qJvuA%253D%253D%7Cclp%3A2334524%7Ctkp%3ABFBMupj1-MVf

Try doing the video with a tripod supporting the phone. Your handheld video even braced to the table is too unstable to accurately judge the platter wobbling or not. To me this looks pretty normal but you’ve got some pretty great items there and I can understand you wanting it right. 

Hello,

I would say this is going to be bad for the bearing. 
take everything off except for the platter and turn on the table. If that platter is moving up or down or side to side you have an issue. It could be something is not devoted underneath. If the platter runs smooth as silk the rest can be fixed easily. 

This is an age old problem with Td 124s. The table was designed for commercial use which meant immediate cuing of records which it does with a clutch that lifts the very light outer platter off the heavy inner platter which keeps rotating while the other is stationary. The outer platter is soft metal and can easily be deformed which is what has happened here. 

I hate to be the one to tell this to the OP but this is a terrible design for a modern audiophile turntable and should be kept aside as a interesting side path in audio antiquity. Time to get a new turntable. Do yourself a favor and steer clear of antiques. Get yourself a modern up to date design. If you do not want to see your tonearm bob at all get a table with vacuum clamping.

Mijo, I don’t know enough about the workings of a TD124 to cast any doubt on your explanation of the mechanism of what we observe here, but back in the late 50s and early 60s the TD124 was the cat’s pajamas for any well heeled serious audiophile, not merely “made for commercial use”. They may have been used at radio stations too, but probably because of rugged construction. At audio salons in New Haven the TD 124 was slotted into McInosh and Marantz-based systems as a matter of course.