Klotz makes a badass line of oils, but they come at a price. You can smell the money burning when someone drives by with them, smells like burning plastic.
Unfortunately, they only make one oil injection safe oil and it is TC-W3. http://www.klotzlube.com/techsheet.asp?ID=63&submit2=View
All of the rest are designed to be premixed, including R50. If you premix however, Klotz recommends R50 for seadoo rave valve skis.
So, I guess the short answer is no, it should not be used becuase it is ashless oil.