By "floppy", I mean, is the shifter handle loose and moves around with tons of slop? Or does it shift firmly into each gear?
If it shifts OK, then evidently someone already replaced the shifter bushings when the old ones gave out, but either they didn't get all the old parts out, or (as sometimes happens), the parts simply fell into the trans after the bushings were gone, never to be seen again (until the magnetic drain plug is removed).
It's not an unusual circumstance with these transmissions. The OE bushings typically last around 10-15 years, and yours is well beyond that.
If you're worried about more debris being in there, I'd say pull the top cover off and look inside. Chances are good though, anything left has already been caught up by the magnet.
A step-by-step on bushing replacement is here:
http://www.therangerstation.com/Magazine/winter2007/shifterbushings.shtml
The pic there shows 4 metal rings of two types, however when I did this on my '94, I recall there being only two rings (one each type) that went in under the lower bushing.