If you do it, start with a SHARP drill bit maybe half the diameter of the bolt or smaller and work up from there so you don't get into the threads. The first hole is tough. SO DON'T BREAK THE DRILL BIT OFF. The reason I don't like easy outs is because if - no make that - when they break off they are a #@*^% to drill through. Same for a broken off drill bit.
So be careful starting out, take your time and don't go too deep. Use the other holes to mark the drill bit. After that first hole it is easy to make the hole progessively larger until you can back whatever is left of the bolt out. You might need to buy the correct size tap to clean it out after drilling if the threads are really corroded into the head.