Ok, first lets get one thing straight. Heating the stud will not make it harder or softer per se.
Carbon steel has a certain minimum hardness due to its composition. But you can make it a heck of a lot harder than that.
Or you can get it to its minimum hardness.
It all depends on how its cooled after heating.
I got in an argument with a guy back when I was doing some amateur blacksmithing. Finally I picked up a piece of high carbon steel.
Heated it, let it cool slowly, and could whittle it with my pocket knife. Heated it again and quenched it in cold water and it would dull a file.
Here is what you need to do. Clean up the top of the stud and see what it looks like now.
If here is a lot of weld and slag on it, and you happen to have a Dremal tool, you need to try to clean it off.
Pour some penetrating oil on, let it soak some more. Then get your self a small sharp punch, and punch it tangentially around the edge, being careful not to get into the threads.
In other words, try to back it out by tapping it counterclockwise with the punch.
Make a mark to see if it moves.
If it doesn't, don't spend a lot of time.
The only reason I suggest that, is that at least twice I have started to drill out a broken bolt that someone had been working on for a couple of days and had it try to tighten when I hit it with the drill.
All the work they had done had loosened it and they had not realized it.
If that does not work, long shot but worth a try, grab your torch again. You want to get the stud red hot if you can, and let it cool slowly.
Problem here is, the heavy cast iron around it is going to suck the heat out and make it harder.
So, get the stud red hot if you can, then keep heating. You want the iron around it hot also.
Maybe not red hot, but pretty darn warm.
Then let the stud cool slowly. Try to make sure there is no wind blowing on it. The slower the stud cools the better.
After it cools, carefully punch a good dimple in as close to the exact center as you can.
Both Lowes and Home Depot sell Titanium Nitride drill bits. ( The gold colored ones)
I have drilled lots of grade 8 studs and bolts with them.
Pour some oil on the stud so you are drilling under the oil. 30W will do, or even WD-40.
I would start with a 1/8 inch bit, or maybe one size smaller. Use a variable speed drill, or even a hand drill if you have one.
Drill very slowly, pulling the bit out every few seconds to clear the chips.
Be careful to keep the bit straight, and go slowly. It should drill fairly easily.
Once you get a fairly deep hole, you need to enlarge it. DO NOT go with a slightly larger size.
It will grab in the hole and snap.
You should jump to about a 1/4 inch and use the 1/8 as a pilot hole.
If you get that hole in there, you have a choice. Go larger, to almost the size of the stud. If the hole is centered, that might work. That would leave you with a very thin piece of tubing in the hole which could be broken out with a punch.
Or, you could try the easy out. If so, you might want to go a little bigger anyway to be able to use a larger easy out for strength.
Or, you could insert a bolt, either just find one close and drive it in, or even thread the hole.
Then, carefully weld it in place and either use it to try to back the stud out or as a start to help weld a nut to both the bolt and the stud.
BTW, before doing any welding, clean off any oil with alcohol or other non residue solvent.