You say the flywheel is turning to fast but didn't mention if the engine is turning over. Is it?

Sounds like you have a couple of problems.
I'm thinking your collet is loose.
Loose flywheel nut.
And a broken or no clutch spring.

I raced a revo back in MT days. Practically the whole truck was upgraded but the clutch. Flywheel was larger for the starter box but the clutch was stock.