If by "ruin the stud" you mean it will crack or break off is very unlikely. If you squeeze hard with vice grips or pliers you will ruin the threading but the stud is already broken anyway so that doesnt matter. So yes, if it was me I would squeez the stud as hard as a could and turn as hard as I could. I had to do that on mine. It wasnt easy, I squeezed as hard as I could I was in pain when I was done. If you do all these things and you ruin the stud threading, yes you could still drill, I dont see why not. Make sure you PB Blast it and squeeze and twist, just fight with it for awhile if you have to.
BMW 323I 5 Speed