Can you cut a slot in the shaft with a Dremel and turn it out with a screwdriver?
Tried an EZ-out?
Craftsman screw extractor?
Reverse drill bit?
If you can coax it out without damaging the threads in the cylinder head, then you're golden, otherwise:
Helicoil?
JB Weld, drill and tap for correct size bolt (I don't know how well JB Weld will hold up to that exhaust heat, however)?
Worst case, drill it out and tap for a larger bolt?
Just throwing out some ideas.