This is what I did with my old jetovator. Is this similar to what you're talking about?
This would probably have to be adapted for your hardware, but it worked in my case. Never blew out another o ring and this jetovator was pretty old (loose clearances).
http://jetboat.homestead.com/files/sidestop1t.jpg
http://jetboat.homestead.com/files/sidestop2t.jpg
Thats it