Sorry - I felt that it would be better to split up these problems. I managed to figure out my chain issue (my previous "slapping noise" thread) -- it's going to be replaced very soon. I now have a loud grinding noise coming from the mid-front of the bike when I get moving in 1st (it continues until I get to about 7mph). I'm hoping it's not the clutch or the tranny, but I thought I would get your input here as well... Thanks!
Maybe your front wheel bearing? Or brakes rubbing? Put the bike up on the center stand and weigh down the rear end so that the front wheel is off the ground. Spin it by hand to see if you can duplicate the sound.