The hydraulic line leading to the bottom of the clutch slave cylinder screws into a larger nut (14mm I believe), this larger nut is connected directly to the bottom left of the slave cylinder. When I put a wrench on it, this larger nut wobbles or moves in relation to the slave cylinder, is it supposed to do this or should it be rigidly fixed to the slave and thus need tightening?

 

SMC is #8 (on left) in below diagram. Are you talking about the shift fork lever side on #8's right ending in a ball?

 

It's #10 on the bottom left of the slave cylinder in the diagram. It appears to be some type if flexible joint, it moves when I push on it, and only spins when I try to tighten it.

 

That's normal

 

The top of #10 is similar to a quick connect with an o-ring seal. It will wobble a little.

The bottom of #10 is threaded and should fully tighten onto the threaded pipe below.