Update: i was able to get the bolt out ! Used a Neiko Center punch and then used the smallest bit and extractor in the Irwin set. The location of the bolt precluded me from using a tap handle, so I used some channel locks.
I could probably have gone up a step with the drill bit but in retrospect probably good I did not. It turns out that even after placing the Center punch as close to Center as I could, the hole was quite off Center and more over was not true - the angle was off by quite a bit. If I had used a larger bit It just might have ruined my threads.
The bolt was really in a place that made it very hard to be sure I was drilling straight.
Thanks all for the advice !