I'm just about out of ideas guys..

Well my "totally restored" 720 JD is just about to get to me. Back in January the pony clutch started slipping so I took the motor off to check it out. The clutch disc was new but the springs looked weak so I decided to replace them and readjust the clutch. In the process I noticed weak compression in the pistons. So I figured that I'd do a ring job on it. Well, I put the motor back together and put the whole unit in. Tried the motor and it worked good. Only one problem, now the pony gear that engages the big engine is spinning before you even pull the lever back. I took the motor off again and looked at the pony transmission. The pony has a slip clutch on it and seal on the shaft. Seal was bad and so was the friction disc. I replaced those and checked the linkage, even put the transmission on the tractor by itself to check the linkage operation. All looked good. So, for the second time I put the engine back on. Well, the problem is still there. So now I'm just about lost. I have one last theory but at this point I am not putting too much stock in it. Perhaps the clutch is adjusted too tight and is letting the disc be pressed against the flywheel before the bearing even touches it. Any help is appreciated at this point. God bless.

--old fashioned farmer