Doesn't seem like it will be in tight, so I'm thinking that Kevin's punch method will work, and be the easiest.
However, if it doesn't, I second the suggestion for using reverse (Left Hand) twist drill bits. I found out about that method here on the forum, and it worked for me with a very difficult corroded and sheared off bolt. Once the bit grabs, it may just unscrew the bolt for you. Did for me. For cramped space you need what are called "Machine Screw Length LH" bits. (and probably a right angle drill. I rented a big 1/2" one at Home Depot) I doubt that you would need cobalt bits, just HSS. Also, very unlikely that you can buy the short LH bits locally. mscdirect.com has them and is easy to deal with. Centering the bit in the bolt is important. I used a Dremel with a pea sized round abrasive bit to dish the center of the bolt, to center the drill bit.
Go slow and carefull. Good luck.
However, if it doesn't, I second the suggestion for using reverse (Left Hand) twist drill bits. I found out about that method here on the forum, and it worked for me with a very difficult corroded and sheared off bolt. Once the bit grabs, it may just unscrew the bolt for you. Did for me. For cramped space you need what are called "Machine Screw Length LH" bits. (and probably a right angle drill. I rented a big 1/2" one at Home Depot) I doubt that you would need cobalt bits, just HSS. Also, very unlikely that you can buy the short LH bits locally. mscdirect.com has them and is easy to deal with. Centering the bit in the bolt is important. I used a Dremel with a pea sized round abrasive bit to dish the center of the bolt, to center the drill bit.
Go slow and carefull. Good luck.