When I first tried just lubing the pivot pin, it made little difference but wear can be minor and difficult to see. Used a bit of wet & dry to clean it up, was much better. Also look to see if there is any "oval-ing" going on in the lever bracket where the pin goes through. I would still replace the pin first before going to the clutch end of things, as it's cheap and may still fix the problem. If this is all OK, don't jump straight to clutch internals just yet. Look at the clutch actuator shaft in the clutch cover as also suggested in this thread, including bearing and seal. If you have the facilities, you can get the bike over on it's side to remove the clutch cover (saves draining the oil at this stage). Don't do this whilst on centre stand tho', you'll over-stress the stand. You should get a new clutch cover gasket before you remove the cover tho', just in case it gets damaged during removal.