My experience says to invest in an EZ Out type of tool. A hardware store knock-off version should cost less than the Craftsman version. There is a good chance, that from time to time, working on this motorcycle, and others, as well as cars, you are going to need it again.
I like the EZ Out method because it usually bites-in to remove without taking more material off. Notice I said 'usually'.
When you approach the job, be patient with it. Make yourself comfortable somehow so that the stress of holding your head up and your arms over your head doesn't make you more hasty than you would normally be. Take your time and it will come out fine.
There are many ways to accomplish this, and if one method doesn't work, you can always try something else. I've drifted broken bolts out, drilled them out, and after I started using the EZ Out type of tools I wondered why I had never spent the money on them before.