Even before I finalized the purchase of my bike, George advised that the key would need to be replaced as there has been a history of sheering keys. Evidently the factory doesn't get the nut on the balancer tightened correctly and the load transfers to the key, damaging it, then sheering it. Happened to one of the riders on the Forever West ride over on ADVRider. The key is slightly undersized and leaves a little slop. Theoretically, the key is just a locator, but it also keeps the balancer from rotating if things loosen up a bit. At any rate, it is a good idea to make sure the key is a snug fit and to check the torque on the nut. Woodruff keys that I have replaced in the past "just" fit into the keyway. If it goes in there easily, it's too loose. I think the real problem is that the factory milled the keyway just a tad too wide, and the metric key is a little loose. An SAE key is too large, so you get to mill or file it down.
Thanks for the offer to do some grinding, but the only way I know to get a good fit is to do it with the shaft exposed and the bike right there to test fit. I don't know the keyway dimensions, or the dimensional clearance. Now, if I just happened to have a surface grinder sitting around in the garage..... I took vocational metal shop in high school and we had all the machines you'd ever need, plus the teacher and I were buds. The shop is gone, the teacher is gone, so no chance there. Way back when I was rebuilding the top end of an exotic racing motorcycle and managed to drop one of the valve spring keepers onto the dirty floor of the local Honda shop. No way to ever find it down there. I drove back to my high school and the shop instructor let me turn new ones on a lathe, then heat treat it. Worked great! Trying to get one from the manufacturer would have meant a LONG wait. Well, it looks like a long afternoon taking ten or twelve file strokes at a time to get the fit right.