Yoicks, that's definitely some boogerage. (sorry to throw these fancy technical terms at you...)
Those flattened tops are problematic. Still, it might be salvageable with some patience. You may be able to clean it up to the point a new nut will thread on, but strength is unknown.
Start by cleaning off the rust and old thread lock with a wire brush and see what you've got. You don't need a lot of torque on the nut, but you do need to be VERY sure it can't come off. So perhaps somewhat lower torque and some good high strength red thread locker would be enough. It's very hard to say from here.
I really, REALLY hate to even mention this, but... one way to "salvage" such situations is a few spot welds between the shaft and the sprocket or nut. (Use very short bursts and let the welds cool between so you don't build up a lot of heat in the shaft and nuke the seal.) You can get away grinding off the welds and re-welding a few times, and since a major brand modern x-ring chain and quality sprockets (not the no-name Chinese "Volar" or "El Chaino" crap from fleaBay) will easily last 30,000 - 40,000 miles on a 550 with a little care, you can defer the "real" solution far into the future. If you end up with this plan, replace the countershaft and clutch shaft seals beforehand so you don't have to start over if and when they wear out start leaking later on.
Or some combination of the above... if you can get a little torque on the nut, but not full torque, then a couple of easily-removed spot welds could be a reasonable bit of insurance.
Those flattened tops are problematic. Still, it might be salvageable with some patience. You may be able to clean it up to the point a new nut will thread on, but strength is unknown.
Start by cleaning off the rust and old thread lock with a wire brush and see what you've got. You don't need a lot of torque on the nut, but you do need to be VERY sure it can't come off. So perhaps somewhat lower torque and some good high strength red thread locker would be enough. It's very hard to say from here.
I really, REALLY hate to even mention this, but... one way to "salvage" such situations is a few spot welds between the shaft and the sprocket or nut. (Use very short bursts and let the welds cool between so you don't build up a lot of heat in the shaft and nuke the seal.) You can get away grinding off the welds and re-welding a few times, and since a major brand modern x-ring chain and quality sprockets (not the no-name Chinese "Volar" or "El Chaino" crap from fleaBay) will easily last 30,000 - 40,000 miles on a 550 with a little care, you can defer the "real" solution far into the future. If you end up with this plan, replace the countershaft and clutch shaft seals beforehand so you don't have to start over if and when they wear out start leaking later on.
Or some combination of the above... if you can get a little torque on the nut, but not full torque, then a couple of easily-removed spot welds could be a reasonable bit of insurance.
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