Where are you? You can add your location under the screen name, go to your control panel.
Blued 'steelies' or smooth-as glass ones need to be replaced (blued, they're overheated, and probably warped, and may-be worn thin beyond spec.) or scuffed with sandpaper or scotchbrite pads (smooth ones, the 'steelies' need some 'tooth' for the friction discs).
Change your oil, you probably have metal particles from your worn-down friction discs now in the oil. Buy OEM Yamaha friction discs, they give good service, and are reasonably-priced. Many people remove the half-width inside friction disc and the 'piano-wire' spacer, and simply add another full-width stock friction disc. The purpose of this was a type of slipper clutch to ease mismatches on downshifting. Just buy the extra friction disc.
VMaxes use a diaphragm spring, not individual coil springs though the Barnett pressure plate does revert to the multiple springs pressure plate design. I have gotten good service from the stock diaphragm spring, and see no reason to change it.
PCW Racing in Schenectady NY sells a kit with the OEM friction discs, a case clutch cover gasket, and you can also buy a heavy-duty diaphragm spring, which won't have you feeling like a cripple if you get-stuck in stop & go traffic. Call them, it's easier than using the website.
http://www.pcwracing.net/
Judging by your new owner report, I would be doing a thorough inspection of all aspects of your bike before trying to use it. Anyone who abuses the bike to the point of wearing-away the friction disc material completely neglected everything-else, too. Are your front forks leaking? If they are, they probably aren't holding any pressure, and air pressure is a big part of the function of stock forks. I don't know your level of abilities, but don't bother to change leaky fork seals if the downtubes are rust-pitted, in the area the fork seals wipe-over, as they will leak again. Really all you can do is to buy replacement downtubes from someone like forking by frank. Re-chroming is probably as-expensive as buying new downtubes. Changing the fork oil and being able to pressurize the forks will make a world of difference in how the front end feels. SInce it's apart, you could also consider different fork springs, and wave-washer cartridges to replace the function of the damper rods. See posts #10 & 11.
https://www.vmaxforum.net/threads/new-member-got-questions.47768/#post-476106
Look closely at your brakes, and change the fluid, completely. I bet your pads are shot, and maybe the rotors. Ebay has Chinese replacements for the rotors which have been used by many people on here. "Groovy" is bad for rotors.
Change the fluid in the hydraulic clutch, and look under the bike for leakage on the left-side, middle of the engine, where the clutch slave cylinder is, behind the side cover. A re-build of the slave cylinder or replacement may-be in order. Be
very-careful when removing the allen screws holding the slave cylinder in-place, if you bugger the allen screw flats, you will be facing a real problem for disassembly.
If you don't have an impact wrench, and I mean a manual one, get one. A 3/8" drive is OK, I prefer 1/2" drive. You do have a ball pein hammer, yes? 'Use the right tool for the job.' An impact driver, a 6" extension and a good-quality allen head socket set will pay for itself many-times over.
If you aren't familiar with the concept of 'reverse-bleeding' you need-to for the sake of easily working on your VMax brakes and clutch hydraulics. They use DOT 3 or 4, or 5.1 brake fluid. DOT 5 is
not compatible with those! Reverse-bleeding will give you a firm lever in the shortest-possible time. It will save you frustration and time, and it will return your brakes and clutch to proper operation. When you look into the front brake and clutch master cylinders, there is a big hole in the floor of the reservoir, and in-front of that is a teeny-tiny hole which
needs-to be clear of debris, goo, or any other obstruction for you to be able to bleed your brakes or clutch. Only use new fluid,
do-not re-use brake fluid.
https://www.vmaxforum.net/threads/clutch-slave-cylinder-replacement.45011/