Since it is an '81, that means that it began its life with a really old API oil standard, like SH, or so (current standard is SN). These bikes ran hot, like around 250 F, which was the thermal limit of the oil, at that time. There is likely a lot of carbon sludge within both the engine, and the transmission. I would suggest a flush using
SeaFoam -- it is easy, safe, and effective.
I doubt this will solve your problems, but it might improve things a bit...Add 1.5 oz. of
SeaFoam, per quart of oil, to the crankcase. Put the bike on the center stand, start it, and let it idle for five minutes, shifting through all gears, while the rear wheel spins freely (do NOT advance the throttle, just let it idle...). After five minutes idling, the oil will reach 180 F, roughly, which is its minimum operating temperature; no cooling fan needed unless you go beyond five minutes. This will percolate the
SeaFoam throughout the engine, and the transmission, as well as the clutch plates, dissolving a lot of crud (if this has never been done before). Shut it down, and check the color of the oil: if it has turned coal black, change it out, along with the filter, using something like
Shell Rotella T/T6 diesel oil, which has no friction modifiers which cause the clutch to slip. Try riding it again, to see if the issues improve. This is simple, it won't harm anything, and it is fast and easy. With modern detergent oils, this flushing will not be necessary again.
If you continue to have issues, dig deeper, as already suggested, and see what condition the clutch plates, and springs, are in. Cheers!
1979 CB750K (sold, 2012, but not forgotten)
1983 Kawasaki 440 LTD Belt Drive (sold, 2011)
1993 Kawasaki Voyager XII