All the following is presuming that there is no other damage to the peep or the ramp:
You will notice that the peep is guided by the slots in the ramp and in order for the elevation adjustment to work there must be clearance in the components. Depending on how each part was manufactured the clearance will range from very little to quite a bit. You will also notice that the peep has a sheet metal spring that detents into the elevation adjustments. Generally a good firm spring will hold the peep in place pretty well both vertically and horizontally. Certianly well enought for the original purpose and well enough for fun shooting. You can try getting a few springs and seeing if they make enough difference for your needs.
On my rifles that I set up for matches, I will remove the peep from the ramp and use a small punch to peen the legs that mate with the ramp slot until it will stop sliding in the ramp. Then I use a fine stone to touch up the peened area until the peep slides in the ramp, but without lateral play.
Other folks may offer up some other solutions too. Good luck!Information
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