Safety is a relative term. I have had good results so far hooking up a shop vac to tanks which have more than one large opening and letting the vacuum pull large quantities of fresh air through the tank prior to heating, during heating and during cool down. What makes a tank into a bomb is when explosive gases and air mix in the presence of heat at or above their ignition point. If you keep the concentration of combustibles low and the heat low there can be no explosion. That said, be darn sure you are confident in whatever method you choose. Tank explosions, which occur, are for the most part caused by a disregard for the basic chemistry of combustion.
The extraction methods already mentioned here are excellent advice. I would add, start by trying to drill the bolt to see how hard it is. If it is soft enough to drill it makes it easier to work with. You may not need to use the drill and tap method unless the pipe wrench or welded nut fail to work. If you are going to weld a nut onto it which is what I would do after the Weasel pea and wrench don’t work, try building a dam around the leg and fill it with water to keep the leg cool during and after you weld. You can use most anything to make a container to fit around the leg then just use garden-variety mud to make it water tight. It doesn’t have to be pretty just hold water until everything cools back down. It will take a minute or two for the heat to travel up the bolt and through the leg into the tank. By sucking the heat up before it can get to the tank it lowers the safety concerns. Also many a rusted bolt has been loosened by smacking it repeatedly with the correct size hammer to help the WD40 penetrate. It helps break the crystal structure of the rust loose.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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