Yes, in the end that’s what I did, but it seemed a shame to ruin the arm. I’m pretty poor!
I also ran the drill backwards, hoping to unscrew it…. The end of the masonry bit was rotationally symmetrical, and the hardest one I had. I also had to borrow the drill, and bits (except one massive one I had that someone gave me). I cannot pour cutting fluid over it in a flat, and there’s no way to power a mains drill outside in the street.
I am sure many of peoples comments here are correct, but to be honest, I just want to get back out on the MTB as quick as possible, and I don’t have the benefit of lots of tools, or even a shed. Or the funds to pay a shop when I know I can do it!
I got it off, despite the bolt being utterly jammed in there, now I can stick a new BB and drivetrain on, and go riding.
I look forward to seeing you on the trails, and I’m never using a second-hand chainset with rounded bolts again!
See you on the trails and happy 2015!