My gut is telling me that it's the sprag, but I haven't pulled the primary cover yet. The bike wasn't hot, and it was full of clean oil and was not being ridden hard or fast or lugged or anything of that nature. Just a quiet little 2 mile ride to Wendy's to get a salad for lunch.
Maybe tomorrow afternoon I'll pull the primary cover and see what sort of carnage lies therein. On the bright side, that seems like less trouble/money than a screwed up crankshaft. If it turns out to be the top end, which just doesn't seem that likely, I'll probably go with a new alloy barrel, If I don't pass it on to the next rider to worry about.