I agree with mattofvinings, the 4-flute is the best. The spiral type tend to either break or strip. Left hand bits are crucial to bolt extraction. A standard (right hand) will only drive a bolt deeper and tighter. I have had broken bolts come out with only a left hand bit, if you use a transfer punch to center the small puncture wound mark. This only works if the bolt is below the surface. If above, use a die grinder (or dremel), also an end mill chucked in a hand drill works too. Drilling a hole is essential to any technique used. Preferably all the way through, but not into the water jacket!
Blue wrench is the same a ol' victor and the hot wrench. Technically it is an oxy-acetelyene torch. You can try propane (I have and bought an oxy-acetylene set and leased a set of bottles) but it is best left for sweating copper and starting the BBQ grill.
Pale Rider, left hand bits are avaliable as a set. I have been going to get my supervisor to order me a set, but times are tight (maintenance technician, manufacturing). Grainger and MSC have them, but are pricey. I'd go cobalt if the checkbook is deep enough. A grade 8 bolt is tough, but not as tough as a metric 12.9 (none on an M). Also truer words never spoken for "never sieze" or "anti seize". Brass/bronze bolts are overkill but a nice touch. I also tend to over-do projects per my wife.
Finally as to where to heat... Using a propane torch, your flame size is not as concentrated as oxy-acetelyene and a welding tip. Heating around the hole will expand the female threads, helping to relieve pressue on the bolt. Heating the bolt will expand it helping to break the corrosion bond. I'd try both spraying Kroil Oil or CRC Knocker Loose each time and allowing to cool between. It will smoke heavily, but will not burst into flames without a flame.
I'll get off my soap box now, good luck. And use all the advice in this thread, these guys probably have more years experience than I.
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