If this problem's on the ignition side, don't worry about it. As Buzzinrussell mentioned already, apply some threadlock on the mating surfaces of the crankshaft and magneto rotor and torque up as you normally would. It will be fine. If its on the sprocket side, you are better with the key in place as you may overtorque the nut in an effort to get the sprocket very tight on the shaft.
Assuming it is on the sprocket side and you do need to get this out... you should try the temperature difference route. Put the crank in your freezer overnight to get it to about -20C or so. When you remove it, pop it into the vice, get one person to pour a kettle of boiling water over it while you carry out what QOT and John have suggested. You must do this very quickly as you're relying on the two metals [crank and key] expanding at different rates... but they will both expand and very quickly.
If that fails, then you'll need a very good thin HSS drill bit to drill a notch in the key [to do more bashing] or even to drill the key out completely.
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