When drilling out a small stud, The center may not be where you think it is. One side of the broken stud might be a full thread and the other side might be the root of the thread. So you need to study it before you strike it with a center punch.
If you can find a reamer index at a flea market, you would be better off using the reamers for the finishing cuts near the wall of the stud. Reamers are good for .015 to .020 per cut.
You also have to be careful to drill straight. You can probably handle one axis but you might want someone else to sight the other axis as you drill.
Plan B is a fall back solution. That means you screwed up everything. In that case, you will have to drill and tap for Helicoils or similar insert.
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