What you are looking for is called an easy out , You drill out the center of the boly with a small drill then put the easy out in you drill and the bolt comes out . however you will have to remove the cross member to do this .
I think you would be better off removing the cross member and drill out the bolt ,,and retap the hole ,install a new bolt so it is in the hole and then weld it in leaving the threads exposed the same as the stock set up ,weld in the bolt ,then grind off the head and use a nut . There is just enough room to get the nut on , It would be a real b**** to try and install a bolt with the cross member in the car .