An easy way to tell if your clutch is dragging is to turn the engine off. If it will go into first easily with the engine off (but not with it running) the clutch is dragging.

The M47 gearbox is really sensitive to clutch drag. I had my m47 off three times to fix this problem. I tried greasing the input shaft, replacing the pilot bearing, adjusting the clutch. I finally fixed it by getting a new clutch disk. For whatever reason the old disk would not slide freely on the input shaft.

It was all a waste of time and money, since my M47 started making worn out bearing noises about 6 months later. The car has a used M46 gearbox in it now.