Thank you, that was a productive set of responses. Please forgive me for not thanking each of you individually.
Seems to me the best path is to do both, tighten the anti-backlash nut and the gibs.
It absolutely makes sense that an anti-back lash nut that will allow gravity, the weakest of the fundamental forces, to rotate a handle is a nut that is not tight enough. I had adjusted the backlash to 0.009” simply because others had indicated that was a good number. But, if friction at that setting is a low as this one, then certainly it can be tighter without generating excess screw wear. I will experiment with tightening it until the handle free-fall stops.
I will adjust the gibs because no one on this continent has ever touched the gibs on this machine. It is well past time.
I have project coming up turning some 2” round stock. I will do the adjustments, then the project, and report back.