Thought I would update this in case somebody has the same problem.
Thank's to some valuble help from Federal Marine via email, I found the solution.
"The 5M series V-Drive can be removed from transmission.
Can remove V-Drive (angle housing and all) -at the 6 bolts
just after the shift lever
There will be a long shaft in the trans- Keep it in the transmission.
The V-Drive only uses about 2" of the shaft "
I did this, and after about an hour and a large drill press, we were able to drill out the 2 broken bolts.
I honestly don't think it could have been done any other way.