No it is not, the wrest pin should be solid in the piston and the rod should rotate on the wrist pin. check the rest of them and make sure they an not doing the same thing. there is oil pressure to the wrist pin through the rod, but not out to the piston it's self. This will cause the piston to fail and cause a wrist pin knock.
Steve
86 Bronco, XLT, 5.0 EFI, EEC IV, AOD, IFS, limited slip front and rear, 3.08 gears, Tilt steering, factory AC