No, he said he had a 1" bore clutch and a 3/4" shaft, which means the shaft is too small for the clutch's bore.
If it were the other way around, one just has to machine the output shaft of the engine to the smaller diameter.
This way, one needs to effectively enlarge the shaft or replace the bore with a smaller one. Using a collar is an effective way of doing this, as long as it doesn't "slip" because if it wiggles even a little, the outer edges of the keyslot on the engine shaft and the inner edges of the keyslot on the clutch will start to round over time, and that will allow the key to wiggle even more. This continues until something breaks or tears, as the wiggling will wear down the key itself so that it's narrower in the middle.
welding it together and machining off the excess is one way of preventing the wiggling. Another is to pin things together, i.e. a hardened pin or bolt through the clutch's bore flange, the collar, and the engine's output shaft.