Got a couple PM's regarding my problem, and it sounds like we'll be able to work on it Thursday, thanks for the suggestions and the offers of help guys. Gotta love the Calgary Jeep Association, everyone's always willing to lend a hand!
cLAY, thanks for the suggestions as well! I can maybe snap a picture or two tonight...the really weird thing is how much meat is left on what's left of the bolt. We tried using a punch / hammer around the side to see if it would start to peel out of the threads, but that didn't work unfortunately.
Also due to the way the bolt runs through the pipe you can't just put it into a drill press vertically, and center it. As far as I can tell it's a piece of pipe (guesstimating an inch in diameter, don't have it with me), which has both ends cut off at approximately a 65 degree angle (instead of a straight cut, 90 degree angle). Then a piece of steel or something was welded in each end, about 1/2" thick (again, guessing), and that was drilled out, right in the center, and tapped, and a bolt was stuck in (which is perpendicular to the end cut, so it's ~25 degree angle compared to the pipe).
...so we eyeballed it as best we could, punched in a dimple to start with, and then started drilling.