So, with the two bolt idea (flange bolts probably easiest), you spin one on backwards and spin one on forwards. then, use two wrenches to lock 'em up against each other. The "flange" parts of the bolt would be up against one another. Then, you could use a ratchet to turn the stud on in without the bolt turning on the stud.
Like xci was saying earlier and after seeing the picture, you'll need a stud puller first. Hopefully it won't need a retap.
And actually, probably not a puller. More of an extractor. You won't be able to grab that with the puller obviously.