Summary: the problem with Pascal's Mugging arguments is that, intuitively, some probabilities are just too small to care about. There might be a principled reason for ignoring some probabilities, namely that they violate an implicit assumption behind expected utility theory. This suggests a possible approach for formally defining a "probability small enough to ignore", though there's still a bit of arbitrariness in it.
The way I see it, if one believes that the range of possible extremes of positive or negative values is greater than the range of possible probabilities then one would have reason to treat rare high/low value events as more important than more frequent events.