Except the clutch only tensions the chain at the bottom, not the top. Also, if you are pedaling hard, the frame and/or crank is moving left/right, and the clutch only takes care of up/down. Do you really mean slap, or is it more of a rub?
My guess it you just need to massage (bend) the mounts of the chainguard so it is further away from the chain. Alternatively, just get rid of it altogether, because unless you are wearing bell-bottoms, it does just about nothing.