Maybe try a heat gun & vise grip first? Even if it doesn't work, the welder is still an option...unless it breaks off further down.
I may be way off, but shouldn't the aluminium heat up & expand faster than the steel in the bolt?
Just be sure all sources of raw fuel are well sealed & there is no residual fuel left anywhere no matter what you decide.
Also be very careful not to chowder up the machined intake ports where the S/C sits on the heads, with vise grips OR welding slag..
Good Luck...