It is a lot of work! A hardwood dowel that's just the right size works good too but you may go through a few of them. I've also used a brass rod to protect the threads and you can pound harder. You may end up having to buy a new bolt anyway depending on how bad it is. When you put it back together make sure you smear the bolt with anti-seize or a good waterproof grease...unless you want to go through all this again :eek:
You can put the nut back on with the bolt slightly setting in the thread.You can take the zerk fitting out and spray liquid wrench and heat with torch,BE careful.Spray the ends with liquid wrench and heat with torch and try to suck the fluid in between the bolt and collar.If it start to move out spray and heat again and hit it back in and work it back and forth.
had a '00 xr250r with a seized swingarm bolt. I had to soak it for like a week with good pentraiting oil. Then i had to put it on a 10ton press and press the b**** out. In the end i had to buy a new bolt. it had to come out.