Matty,
The gunk in the gearbox is what they call a self leveling grease but the thing that I want to ask you was a gasket(like foam rubber) on the top cover of the box?
If you have a broken key then that is why it will not slide on the shaft properly. You also have grub screws in the sprockets (Large & smallest).
I will give you some more info tonight as I am about to have a meeting. :Wavey: