Shop rag....
I usually find the best way to remove the PTO hub is by removing the exhaust manfold and stuffing a shop rag inside the cylinder, then turn the piston up till it bottoms out. The shop rag (or by Karls cotton line) will keep the piston from continuing it's travel, effectively holding the crank still while you break the PTO.
And like PWCjunkie says............"watch the heat"
You said the PTO hub was stripped. It sounds like your saying it's stripped at the threads. If so, you are not going to be able to fix that inside the ski. You might be looking at a crank replacement.
Are you sure the splines did not strip out on you? If there is a lack on yearly maintenance to the PTO grease fitting, eventually, over time, it may heat up, burn off the grease, then get brittle and start to chew up the splines till you strip it.