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Wondering if you can't just cut the head off with the Dremel and then remove the parts leaving the stud? Maybe then you could spray some PB Blaster on it and then use Vise Grips to remove the stud.
I thought of that too, but I'm afraid of not leaving myself enough to work with. Those straps aren't very thick. I can't believe the rediculous small bolt Ford used for the U-joint caps... WTF??!? If they had used real bolts I probably wouldn't have stripped one. Little bitty 8mm or 5/16" bugger... what a joke.