Alright gang, after what seemed like an endless amount of time, I was able to finally drill most of the bolt out with a 5/16" bit. Unfortunately, the combination of PB Blaster, heat, wax, etc. just didn't let me get it out - it's totally seized to the spindle. I did find a
video of a guy who ended up heating a caliper for 25+ minutes and going at it with a nut and breaker bar repetitively until it gave way - his reaction is priceless (I was longing to get the same outcome but alas, no luck).
So how do I determine which particular heli-coil set is needed to finish the job?
The bolt head requires a 17mm socket although I don't know if 17mm is the head size or the bolt diameter. I don't think I can go up in size at all since the bolt barely fits through the caliper hole as is. Here's a link to the various Heli-Coil kits/sets, appreciate any help:
https://www.mutualscrew.com/media/refguides/helicoil chart.pdf