Is the bolt threaded into the bellhousing? If so, the only really effective way to deal with it will be to remove the bellhousing and get it set up firmly in a drill press. You'll only have one shot at drilling it out on center without damaging threads, and once the hole wanders off due to an awkward angle with a hand drill motor, there will be no way to get it back on track. Then you'll be shopping for another bellhousing.
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!