Short science fiction story likely from the 30s by one of the best.Involves a machine that reincarnates the?

Question

leader (like Dalai Lama) only politics force acceleration of the machine. Result is Insane leader who it seems has been had, but in the end knows what happened. He talks the conspirator into devising a torture wheel that will resuscitate the victim into infinity, while providing infinite torture. Then he uses this on the conspirator. I read this in an anthology edited by Isaac Asimov, and I believe it was a set of 1930s or 1940s SF. Also appeared in Astounding, early SF magazine. I think the title had some reference to gods or something religious. Theme is definitely Tibetan Buddhist. You would think of Zelazny, but haven't found it among his stories. I've tried search engines and come up with zero. Please help.