Progress Update: Took the impact driver advice after taking the Dremel with the micro carbide tip and cleaning up the rust around the non-slot end of the screw. Supported the ratchet by hanging the male drive end over the anvil side of my vise and supported the handle end with a couple of popscicle sticks, so it was pretty much flat. Ground down a slot bit to fit the screw and the first whack was deemed a minor success, but upon further review, the bit was still too big. More grinding and one more whack and the screw was actually turning counter clockwise. The bad news is that it was turning clockwise too and not going anywhere. Further inspection revealed that the larger piece that envelopes the screw is spinning with the screw, so either that is what holds the female threads, or some other weird issue is going on. It is currently soaking in the WD-40 again and with some gingerly cajoling, the ratchet is turning a full 360 now, but the locking part is real sporadic.
For a while, I thought that the screw had simply broken half way down from the impact, but gentle prying on the outer plate is not helping the screw get out or removing the plate like I had hoped. If the female threads are part of this sleeve inside there, that part could e a real bear to locate a replacement.
So, what's the next step gentlemen??
BTW, PaPaw's link to the Kroil direct site was a win. They have 2 13 oz spray cans of Kroil on special for $13 plus $6 to ship it. I'll be ordering some soon. Hell, the 55 gallon drum is only $1700 and change....lol
DM&FS