If the splines on the shaft are already gone like you say, I would try opening up the pinch gap on the shifter. I have done this a few times, and it will last a long while. Put your shifter in a vise as mentioned before. Take a side grinder with a cut off wheel (wear safety glasses) and cut the gap to make it bigger. This will allow the bolt to pinch it a lot harder. You can also get a little longer bolt, and put a nut on the other side, after you tighten it down in the shifter threads, then tighten the nut on the opposite side. It makes a lot of difference. I would try this first, because if it somehow dosent work, you can use any of the other methods mentioned above afterwards.
THE 80's RAGE! Currently owns:
81, 85 Yamaha Tri Moto 125
83 Yamaha Tri Moto 200 x2
82,83 Yamaha Tri Moto 175 project
85 Yamaha Tri Z 250
84 Kawasaki Tecate 250
84 Honda ATC 70
85 Honda ATC 350X
84 Honda ATC 250R
(2) 84 Honda ATC 200x
82, 83 Honda ATC 185s
81 ATC 200
Lots of other parts and bikes