This is a last resort fix.
Being that it is an old engine and not worth the cost of the new crank, After removing all the grease from the shaft and the crank, Turn the engine upside down and mix up some liquid JBweld. Pour the JBweld into the crank splines and push the lower unit into it and bolt it up tight. Now turn the engine over and turn the flywheel by hand and leave it sit. Make sure you get it together correctly because you will not be getting it apart again. Also install a new water pump and anything else you may need before you do this.
As long as the pump is not run dry and the seal last you will get about 4-5 years out of the new water pump.