The eccentric bore of the locking collar won't lock unless the whole thing is assembled onto a shaft. Try to get the setscrew for the collar somewhere other than in the keyway in the end of the crank; it probably isn't long enough to go all the way down there. The snap ring is inside the clutch; you can see it in the picture you posted. The clutch is on far enough when that snap ring bottoms out against the bearing.
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