sounds like the compressor may be shot. There should be shims under the end plate to set the air gap, too. It is set so close so the springs of the end plate only have to flex a minimum amount to engage the clutch. You should be able to tightene the retaininig nut fully.
It sounds like your compressor may be bad. Check the bearing in the belt pully to make sure it is not going bad. Do you have any idea what the operating pressures are? The low side (suction, big hose, small test port) should be between 10-30 PSI, depending upon the temperature and humidity, and the high side (discharge, small hose, big test port)should be in the neighborhood of ambient air temp plus 100 degrees. This is with the clutch engaged.
Let me know if you need further help. I do a lot of mobile A/C, although not on cars so much.