If the sizing isn't a good match, schedule 80 vs schedule 40 won't matter. I ran into that problem with an adapter at one point that was 1.25" to 1" - just happened to be reversed from what I needed and there was play in the dry fitting in the same fashion. I took the pump and adapter into my local home improvement store and found the one that fit correctly. It would likely serve you well to do the same thing with the bulkhead and find the pipe/adapter size that would work best. Perhaps the bulkhead is rolling in at inch-and-a-quarter and your pipe is one inch, for example.
Provided that you are dealing with the same sized piping, you are quite correct that schedule 80 and schedule 40 are compatable. It just really seems like there's something off in the sizing here.
- Jim