Mike, I've been there. The first thing to do is walk away for a few minutes.
I would try a punch first - sometimes you can break them into smaller pieces while you try to back it out. If it's flush try to weld a nut to it. Sometimes the heat really helps.
If all else fails I'd take a torch to it. I know it's a blind hole, but I've done it before. Wear good eye protection and get the tap red-hot then put just a little O2 to it. Is it a 5/16? The smaller it is the more difficult it will be. Good Luck
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