Do the totals for Beastman and Grizzlor include the alternate, goofy cardback images of them from the back of the Mollar/Skeletor box set?
(Regular) He-man -30
BA He-Man - 11
Preternia Disguise He-Man -3
Prince Adam - 3
Thunder Punch He-Man -1
Keldor - 4
Battle Armor Skeletor - 3
For Skeletor, if you want to count Demo-Man (which IMO is a gray area... I consider Keldor to be the equivelant for Skeletor that Adam is for He-man, but Demo-Man was "merged" with Keldor to create Skeletor.. plus he comes with the Acala Skeletor head), that would add one more appearance for a total of 44.
So, either way, it is pretty close, but with He-Man still coming out ahead.
I'm not counting the likes of Wun-Dar or Faker as He-Man variants because even though they reuse much of the same mold, particularly his head, they are technically different characters.
So, He-Man comes out ahead overall, though it's still pretty close.