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I just did this on a sportster head free handed. The secrete is to be in the very center of the stud and drill all the way through the stud with a 1/4" drill and then peel out the thread shell that is left. Chase the threads with a tap.
Some one had already tried to drill it out and the hole was not on center. I had to use a dremel to carve out a starter hole that would be centered. The stud becomes hard with heat cycles and a flatter drill point cuts better in hard metal
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