Jason I have to give you an "A" for effort! and an "A" for Honesty!
Unfortunately the materials the parts that are left in the bolt hole are tough to get through, but not impossible.
There are a few things you may consider,
Are you in an area with machine shops. You may make a few Phone calls and ask what it would cost for repair.
There is a process that will actually burn out the drill bit and easy out, and then finnish the removal of the bolt.
that may be worth persuing, or they may drill the whole mess out like Cam suggested.
Click around the net to estimate a price for a new or used replacement and gaskets.
Good Luck,
Tuck\o/