Hi, again, ToRqUe.
The friction pegs make contact with the metal disc in the slipper clutch. Tightening or loosening the center nut with the spring makes the clutch grab more or less. If it's too loose, you'll get poor takeoff, and the excess spinning of the clutch will melt the spur gear. If it's too tight, you run the risk of breaking something in the drive train since the slipper can not slip to absorb the shock of landing after a jump.
Without the pegs, you won't have correct contact between the spur and the metal plate, and it will probably spin till it melts.
Trust me on this, they HAVE to be there.