Clutch or Transmission issue Options

[R2c3po]

I am trying to figure out, or narrow the number of issues that could have caused my current lack of vehicle.

A few weeks back I noticed my timing going off, which shortly after resulted in a misfiring issue. I resolved most of this by replacing my cap, rotor, plug wires, and plugs. Still had a small issue I could feel in my break peddle when idling. After the misfiring issue I started to notice a gradual loss of power, the end result was that I could be at 2k, 3k, or 4k rpm with no distinguishable difference in acceleration, if you could call it that. The day before my grand finale I started to smell burnt clutch while driving up hills. I removed one of my O2 sensors to see if the issue was with a clogged catalytic converter, and got a considerable percent of power back, temporarily. While on my test drive to confirm if the catalytic converter was clogged I started to smell burnt clutch again while going up hill, worse than the day prior. As I was getting ready to turn and down shifted with the clutch fully extended from 4th to 2nd I heard a loud clunk of some sort. I came to a complete stop and shifted to first, let off the clutch and got nothing. Went out and back into first with the same result. As it stands the car will transfer zero power from the engine to the tires, and the clutch has virtually no resistance to it. It will return to a resting place, though very slowly.

If anyone has any idea what I can do to resolve this issue please let me know. I am driving a 94' GT with a 5S-FE 2.2L, and a stage 2 high performance clutch if that might provide any needed information.

[rave2n]

Check to make sure you don't have air in the clutch system, bleed the slave, and make sure it is pushing the fork a good bit.

I would bleed it proper, and try to give it drive and see how it responds before I would drop the trannie and install a new clutch. Which is what it sounds like it needs. Specially if you were smelling it.