I have a salt water bf130 I was working on for my deckboat. I wasn't working on the trim screw (mine is frozen too). But i worked on the water jacket and broke several of the small bolts off (like 4! and I basically did the same thing broke an ez out off in one of them!). I was about to give in and just take it to a shop when I ran across a post somewhere that suggested using a dremel with a tungsten carbide bit to get at an ezout.
Let me tell you ...it took a bit of time and plenty of patience and a steady hand on the hardened ez out, But i drilled that and the other broken ones off with that! The ones with just the broken bolts came out in not much time at all (< 30m each i'd say) I wouldn't consider an ez out on anything but a large bolt from now on.
For the bolts, i used a punch, then a small cobalt bit (very small can't remember size), i drilled it through iirc correctly and went up a size as long as it was centered, then i ground it out as close to threads as I could, if the hole wasn't centered i just sat there grinding the whole thing out. Hitting it with a bit everyonce in awhile to give it an edge to grab. Next I chased them with a tap and boom worked like a charm, didn't even need to tap a larger size.
For the hardened bit i just kept at it, hit it with a punch, cobalt bit, would dremel some (i pressed and moved the dremel around here and there so it would grab), then i'd hit it with a bit again when it seemed the carbide bit wasn't grabbing. Eventually got the ez out out, dremeled what was left of the bolt, then chased it with a tap.
The tungsten carbide bit i think was around 10 bucks and man that thing is freakin awesome, it's the *only* time i ever found something useful for that dremel that's been sitting here for years.
Now my ezouts were cheap harbor freight so not sure how much that had to do with it...but they were pretty dang tough a cobalt bit would only notch it a bit, enough to create an edge to hit it with the dremel and slowly grind it out.
Also forgot...have to keep it oiled, i just used whatever i had around pbblaster to lube the bits.