The proper hex size is 8mm, not 5/16". This is probably how you got into this mess in the first place. Is the head stripped out all the way to the bottom? If not, you might be able to drive the proper hex key down into the undamaged area. (Probably too late now)
These suckers are hard to get out! Even with the caliper arm held in a vice and the proper hex, it takes a lot of torque. Heat should only be applied on the side of the caliper body opposite the head of the bolt. The idea is to expand the aluminum so it releases it's death-grip on the threads of the bolt. BTW, the pitch of the threads is 1.25.