Yep, I've seen this before. The repair technique follows:
Remove the three bolts that hold the motor cover on. Typically 7/16 wrench. Sometimes also a bolt to get the motor cover off the throttle cable.
Lift motor cover off.
In the center of the the flywheel is a clutch, which looks like this:
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For the next part of the operation, you'll need small screwdriver, and a magnet. Use the small screw driver to remove the ring around the shaft. Then pull the almost-square sleeve off the top of the crank shaft.
Use a magnet to remove the five or six ball berrings, set them aside.
Use some solvent to clean the crankshaft which is now exposed. Solvent and cotton swabs to clean inside the almost-square part.
Lube inside the almost square part, with something that won't gum up. Silicone is good, or maybe silicone and dry graphite mix.
Slide almost-square part back on crankshaft. Replace ballb errings. Replace round cover. Replace motor cover, snug in the bolts.
Shuold be good to go for a few more years.