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.
Sure. But I think there are generally going to be more parsimonious explanations than any that involve him having the power to torture 3^^^3 people, let alone having that power and caring about whether I give him some money.
Parsimonious, sure. The possibility is very unlikely. But it doesn't just need to be "very unlikely", it needs to have smaller than 1/3^^^3 probability.