Got 'em out! PB Blaster and the bolt extractor worked on one of them, once I had a proper hole bored in the end of the stud using a cobalt drill bit. The bit that came with the extractor was useless. The other bolt was a lot more work. Using the broken screw extractor (see earlier post) and a wooden guide block with a 3/8" hole in it, I bored a 3/8" hole around the outside of the broken bolt. Since the extractor's ID is only slightly more than 1/4", it used the bolt itself as a guide once it got started. I drilled as deep as the aluminum plate. I then cut a length of 3/8" thin-wall steel tube, and inserted it into the hole in the transom, so that it protruded about 1/4". This gave me a reference fitting for my drill blocks. I set up a fence and stop on my drill press, drilled a 3/8" hole 1/4" deep into the block, and, using the same setup, drilled the guide hole for my bits to drill into the stud, exactly centered on the 3/8" hole. I used my Dremel with a silicon carbide grinding wheel to give me a flat on top of the stud, and used a spotting drill bit in one of my guide blocks to get a start. I then started with a 1/8" bit and worked my way up to a #7, and then cleaned out the threads with a 1/4-20 tapered tap. Trick is to drill SLOW, maybe only 100-200 rpm, with lots of pressure, and cutting fluid. If you build up heat, you'll work harden the stainless. Careful not to let the bit grab and snap off (don't ask). The relief I feel right now is priceless. Now to finally finish off this boat and get it into the water. Thanks to everyone for your ideas and support. Hopefully my experience will prove useful for someone else.
Peter Shapiro
P19MX