The trick here is to save the mask. You do this by using the “Create Alpha” on the masking tab. This will make an alpha of the mask in terms of the default UV on the object. Do this while it is still a primitive.
Then make the primitive into a polymesh. To re-apply your mask, selected the alpha you saved, and select “Mask Alpha” from the masking tab.
Now you can go to the visibility tab of the tool pallet and use “HidePt”, this hides the unmasked portion of your polymesh. The hidden points are what will be deleted in the next step, so if you want the inverse to be deleted, use “Inverse” from the masking tab before “HidePt”.
Now, hopefully your object looks like you want. All we need to do is get rid of (permanently) those hidden polygons. This can be done by going to the geometry tab of the tool pallet and using “DelHidden”. Once this is done, all the hidden geometry is gone.
-K