A friend bought his 100 to me a few weeks ago 'cos he was fed up with a hard clutch action, and was at the end of his cable adjustment. As the clutch wasn't too old, he bought a cable along for me to help him change it. I thought it was reasonable as that seemed the most likely problem, so we changed the cable. Only problem was, the action was still stiff, and there was still no adjustment!!
A bit more probing and I found the pivot bearing seized, exactly the same as yours, with old stiff grease as well. A bit of cleaning freed it, but comparing his arm to a spare of mine showed the arm was ever so slightly bent and small stress fractures were appearing (not long till it would have broken) the reason for the lost adjustment.
Only problem was, later I decided to check the bearings on the arm of the 65, and found just the opposite, the bearing was worn and sloppy (though I do oil it every now and then). So it ended up costing me $15 for new bearings.............as I had given my him the spare arm for his bike!!! Ah well!!
Bill.......................;-)