I have best luck doing what Mr. Kircsh does, drill the hole in several stages. If I have a 3/8 bolt that's broken, I would start with a 1/16 or 1/8 bit then go to 1/4 then go to 5/16 etc. For the final drill you want to be just under the minor diameter of the bolt. Hopefully, then you are left with just the bolt threads in the hole and you can remove them with a sharp pick.
For centering, a punch if it's something heavy or if not, such as your present case, I would use a ball end carbide burr in a die grinder and make a dimple as close to center as I can.
You can find good drill bits at an industrial supplier such as Enco. Hardware store bits can be as good but it depends on what the local store has in stock and you have to buy the better ones.
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Today's Featured Article - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
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