My issue is if I tighten the swivel bolt only tight enough to allow the vise to swivel the bolt backs out when I rotate the vise and it becomes loose on the base. I thought I may have an incorrect bolt or washer it appears not.
Again, it seems to me that this is caused by the lack of a shoulder bolt of the right dimension. Your bolt does not have a shoulder. The hole in your base plate should be a larger diameter than the threads in your vise base. The idea being that the shoulder bottoms out, gibing you a tight bolt, but the head is just loose against the bottom of the plate, allowing it to swivel. At least this is how my Reed 203.5 works.
Does your vise wobble when the locks are loose. My shoulder bolt and hole in the base were a bit off, so I put some shim stock in there to tighten that up. If you have no shoulder, and need it, your vise and plate should be pretty sloppy when unlocked.
Generic shoulder bolt pic from the web. The right shoulder edge should hit the bottom of the vise, and the underside of the bolt head
Should lightly touch the bottom of the swivel base.
As your vise is vintage, finding the correct shoulder bolt may be a bear. A bushing may do the job, right ID and OD, cut to just a hair longer than the distance from the bottom of the swivel plate to the bottom of the vise body