I did this with some help a while ago, fortunately the engine was on a stand.
What we did was drill out the old bolt then with a dremel tool, filed it as close as possible to the existing threads. Then, using a tap, we tapped it out and luckily the old bolt was sufficiently weakened that it collapsed. Job done, then I had to search for a new plug, most vendors here only had metric threaded bolts!!
Was nerve wracking, sometimes felt it would have been easier to leave it and drain the block by popping a freeze plug when I needed to!!!! Of course the freeze plug would have been the easiest to get to.!!
Graeme
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