Well. I guess it's my turn to admit the problem was... ME!
Damn it. I really thought I had it all right, but it turns out I had put the worm gear pointing the wrong direction, making the cable pull the worm gear in an angle. After tearing everything down for the 5th time I suddenly realized I was the problem all along.
So, instead of leaving this topic unsolved I'm admitting (even though I was adament I was doing everything right in earlier posts) you CAN put the worm gear with the "arm" facing the wrong way, making it impossible for the cable to pivot the arm which in turn operates the push rod. Everything works well OFF the bike, but once bolted in place ON the bike, it won't work.
Clutch is now operating (I can hear it operating), but I still can't move the rear wheel while engaging the clutch in gear. I do however have faith that it will fix itself once I finish up the carbs so I can start up the bike again, like Scirocco implied a few posts ago.
Again, the bike has been without oil for a couple of months. Once everything fires up and starts moving (heat and so on) I'm sure the clutch will pop out of it's slumber. If not I will revive this thread again