Yes, while the difference in adjustment that 40lbs vs 50lbs would impart might or might not be noticeable, the spec in most the books I've read (including Ford manuals) use 50lbs as the reference point. I've heard the 40 too at some point (it's what I used to use in fact) but have not seen that in print for many years.
What savage said is true. Don't worry about the excessive free play until you've finished the installation of the outer lock nut to at least 75 lbs. THEN check to see if there is too much play.
It's always possible for it to be there, but 99 times out of 100 it goes away.
I couldn't really fathom it the first time either, so I used a dial indicator to test the play for the first few times I did it. When the results kept coming back consistently on the money per the book, I finally stopped worrying.
Of course, I still "feel"for play after I get the outer nut locked down, but so far have not been disappointed.
Every rig is different of course, as we like to say around here, so never hesitate to double check what you read here. But anytime the adjustment is not perfect, it's usually just a matter of doing what the book says, and rotate the inner nut one way or the other until the pin engages the next hole to set it straight.
Good luck.
Paul