Thanks for the replies. I tackled it before I got to get back to the post. I must have been on the right track, cuz I did pretty much what everybody advised,especially Jack's(must be the car racin' mindset) including breaking a smaller bit off in the hole. Got it cleaned out and bought some ACE hardware cobalt bits and tried again, the bits were round in about 45 seconds,they suck don't buy them(that's all we have within 30 miles). Eventually with all the frappin' and banging and drillin' and easy outin' the backing plate came loose from the hull. Solved the stuck bolt problem but now I had to pop the foredeck (I-20)lid off. Got that accomplished with a few chips of the gel-coat at the edges. I got out the backing plate, put the bolt stump in a vise and got my backing plate free. Re-tapped it, 5200'ed it in it's former spot and clamped it with a bolt. I'll glass it tomorrow or monday.What a P.I.T.A. Aluminum backing plate and a stainless bolt. I put anti-corrosion spray and never seize on them when installed, but apparently it didn't last. It'll be tef-gel this time around.
Here's a couple of pics.

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"I said, now, I said ,pay attention boy!"

The cure for anything is salt water - sweat, tears, or the sea
Isak Dinesen
If a man is to be obsessed by something.... I suppose a boat is as good as anything... perhaps a bit better than most.
E. B. White