mswyka, I'm sure you have considered most of these things....just throwing ideas out there.
One of the 1st things that comes to mind is a partially restricted exhaust pipe or airbox...
Does the engine seem to rev up to its normal 7000 RPM range? Does there appear to be normal exhaust flow coming out of the exit hole at the back of the pipe when you rev it up on a stand to 5-6000 RPM?
I'm sure you have checked track alignment and tension.....have a bunch of the wheels in the skidframe suddenly decided to lock up?.....probably not.
I would remove the drive belt and, with the track jacked up off the floor, try turning the secondary clutch by hand.....does the clutch, chain, drive shaft, and track all turn fairly easily?
With the drive belt still removed, I would use a crayon or marker to mark a line on the sheaves of both the drive and driven clutches. Try riding the sled....if the clutches are trying to shift at all, the belt will erase the marks on the sheaves..starting to move upward on the drive clutch, and down from the outer perimeter of the secondary clutch...it could be one of the clutches is locked in place?
This is a long shot, but I managed to dislodge the little flywheel key when installing the flywheel on my Blizzard 9500....that certainly throws the timing off....
If your engine seems to start and rev up fine, I doubt that the flywheel key is the problem.
Hope you find the solution.