not a bad idea. really the best way i know how to with a bolt that big is to drill it dead in the center with the exact same size bit as would be used when tapping a hole of that size. if youre right on center youl only remove the center of the bolt, none of the threads. then we usually go in with a pick and remove the trheads. tehy tend to come out looking like a helicoil, which is good. when done properly it wont mess with any of the threads.
good luck to ya, and use a lil heat.