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Yes. you need another flywheel, cam, and key….Shearing the key even that small amount is enough to lose spark altogether. Like everyone has said, you remove the mag plate, retainers etc, then lap the new flywheel to the crank using mild lapping compound with the crankshaft key removed. Please be sure to tape up/seal off the crank/seal area below before lapping. Like John says, the key is only for initial alignment, it really doesn’t hold the flwheel in place, proper crank/flywheel taper fit does that job….
Don’t know what caused the cam to shear also, that is peculiar. This problem is probably due to improper flwyheel fit, under or over torquing the flywheel nut.