The problem he has with that is that the bolt is in the block, not the head. So he would have to pull the whole engine to take it to a machine shop.
The whole drilling all of the way through the bolt idea sounds like it would help a lot if you can control how deep you are going. I have never thought of that but will have to try that the next time I break a bolt off. I hope its a long time before I have to use that idea though