That's a good trick. That ought to be one of the better lubed threads on the tractor. (Sorry, I couldn't resist) ;8^)
I'd be careful about using a chisel. The beating would warp the pan or, worse, if it slips you could have a brand new shiny hole in the bottom.
An EZOut might do it, but I prefer DrillOuts. They usually come in sets to handle up to 5/8" threads. Center section is a threaded mandrel with a left-twist drill tip (resembles a self-tapping screw). Riding the thread around the mandrel is a sort of conical affair, with sharp, high-pitch threads (again, left-hand threads) that engage the hole that the tip makes. When that cone grabs the sides of the whole they apply left-hand torgue to the remnant of the bolt. They work well and quicklly for things that aren't stuck TOO hard, and aren't prone to breaking off like EZOuts.
Depending how agile you are, it might be easier to tackle this with the pan off. If your ultimate fix requires flame heat, that's a MUST. In any event, any drilling you do should be done with left-twist bits (pretty readily available at a good Ace/True Value or even the big box stores). Sometimes the heat from drilling and the torque in that direction will be enough to pop the bolt loose.
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Today's Featured Article - Oil Bath Air Filters - by Chris Pratt. Some of us grew up thinking that an air filter was a paper thing that allowed air to pass while trapping dirt particles of a particles of a certain size. What a surprise to open up your first old tractor's air filter case and find a can that appears to be filled with the scrap metal swept from around a machine shop metal lathe. To top that off, you have a cup with oil in it ("why would you want to lubricate your carburetor?"). On closer examination (and some reading in a AC D-14 service manual), I found out that this is a pretty ingenious method of cleaning the air in the tractor's intake tract.
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