Yeah, the trick here is to have the Counter Attack on the Kraxon, so every time one of your other ships is attacked, you can pull one hit to it to trigger CA.
Unfortunately, the FAQ indicated this doesn't work.
Counter Attack notes that "IF you take damage"...IE., it's a binary test. It's not "EVERY TIME you take damage", just triggers once a turn.
You can choose *which* attack you trigger it on, but only on one of them.
Counter attack requires "If your ship's Shields or Hull are damaged". If the ship with counter attack suffers no damage, it does not activate.
Indeed, although note that the Kraxon does get to choose how much damage it takes.
So if you have a ship with 'counter attack', just...pass everything over to Kraxon *except* one point of damage, take that to trigger 'counter attack', and...done!