Are you sure its not your belt. Had this happen to me once. Thought it was the clutch but found belt was slipping. Check this first if you haven't already.
I don't know what model of machine that you are dealing with. If you talking about an electic clutch, which I assume that you are, yes you will ruin the magnet as well as the armiture. You need to make sure that you are getting at least 12V to the magnet. Follow your wires back to cab and check ror damage.
Check the brushes in th electric clutch housing. I run an F2 that had the same problem. replaced the brushes and it was fixed. Cost about $45,but thats better than $600 for that magnet and clutch.