I had this problem with my tracker a few thousand miles ago.
What I ended up doing was welding a new key into the snout of the crank. The problem with that is that welding changes the temper characteristics of the crank, basically after welding it becomes soft mild steel and it loses its hardness. But then again the crank end shouldnt have wallowed out in the first place if it had been hardened properly.
The end result was that it lasted about 1500 miles, and then the problem returned, and was worse than ever before. Eventually it got to bad to fix again. I have talked to some other guys on other forums that have used the Locktite fix with the same result I got from welding the crank.
The only correct way to fix that problem is really replacing the crankshaft.
What I did was found another wrecked truck for $200, and just lifted the running motor from it.