Yes, it's the teaser. Same thing was wrong with my 124 when I got it. The teaser was so rotted, it appeared to look good, but had no tension at all. Coincidentally, the clutch spring seems soft also.
I mde a new teaser out of stock (we buy springs in 2' lengths and make our own depending on the application.
Change the teaser, readjust the clutch pedal...you'll be fine.
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