I would say no. If you're above the low level you're oil level is OK.
The engine oil doesn't lubricate these gears. They are on the outside of the crankcase.
Have a look at this diagram:
http://bit.ly/1gKIUTp
I had a similar problem with my GS500, the function of the gears is almost identical. You want to have a look at 13193. That is the assembly that engages and releases the gears using springs, and centrifugal force respectively. When the gears are stopped, the springs (92081) push the pins (92043) and rollers (92122) into the centre. When the starter spins, the rollers rotate and slide into place and the outer gear becomes engaged with the inner piece (16085) due to friction and the rollers becoming wedged. When the engine fires and the crankshaft spins faster than the starter, the rollers rotate the other direction and disengage. With the gears spinning fast, the centrifugal force on the rollers and pins overpower the springs, and the rollers move toward the outside allowing the two gears to rotate independently.
Check everything looks as it should, and make sure it's well lubricated. Its worth finding a download of the service manual and reading it to see if there are any special instructions for servicing this.