I first went at it with a right angle drill and a set of EZ outs. It was impossible to get enough pressure on the bit to drill those bolts, there was just no way to get enough leverage.
On the starboard side I ended up drilling a hole down through the block and into the top of the bolt. As soon as the bit hit the bolt it spun it right out. That was easy. There was no way to do the same thing on the port side. I ended up getting lucky and it spun out with a 3/8 left handed drill bit on the right angle drill.
Just happened to me after replacing timing gear set when I went to time it correctly. Sounded so good by ear but I wanted to do it by the book. The long bolt broke while starting with the timing wires jumpered. I will be replacing both bolts. I am going to chop 1/2 inch off the old bolt and make a guide so I can drill straight. Just pisses me off after all the care I took doing the timing gear set.