i had the same problem with my 85 200x that i had, I dont rememeber whatthe part was called that was bad in the tranny but ill try to explain it as best as i can, ok when you take the right side tranny case off(the side with the kick start) you will se the oil filter and to the left of it there will be a start looking "gaget" covered up allittle bit by a peice of metal and if you look closely the ends of the points are most likely rounded off and that your problem at least in my case it was.
my trikes:
1983 honda atc 200x-k&n filter
2002 yamaha raptor 660r, yoshimura slip on, prm grab bars
1978 chevy nova, 454 v8, bds blower, 150hp shot of nitrous, full roll cage, a real power house.
1991 chevy s10 4x4 350v8.
1986 250sx
YES its fast NO you cant ride it.