IMHO the blue wrench is essential to extracting rusted/frozen bolts with some degree of restraint.
I like to get a pilot hole started as close to the center as I can...use a dremel or die grinder to smooth out and spot-face the place where you'll drill the pilot hole.
I have a set of 4-fluted ez-outs (McMaster Carr) which are not prone to break off like the reverse-twist versions we all love to hate. Instead these simply lose traction and slip.
Once the pilot hole is ready, I'll get out the blue wrench and heat to a dull red color. Then work quickly to hammer in the ez out and attempt to remove it with a short crescent wrench or better yet a tap handle if you are better equipped.
If you hear a loud squeak...then you've got it...but it needs some lube. Kroil or actually even a drop of motor oil will help penetrate to the source and to help smooth the reversal.
The other technique...is to setup the part in a milling machine or drill press and use a left-handed drill bit. While not suitable for an M-engine still mounted in the tractor the degree of success is quite high when one can make this happen on a smaller piece. Usually you can also center well enough to be able to drill back out to the minor diameter or slightly less, remove the thread crests as a coil of wire, and then retap the hole to cleanup.
Best of luck.
This post was edited by mattofvinings at 16:21:44 09/03/09.
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