If you try welding to the end of a crankshaft, there is nothing between you and block except for the oil seal ... and, if you're using enough heat to weld something onto a recessed 10mm stub of a bolt ... inside that crankshaft ... you WILL cook the seal. The tapped hole in the crank is only about 1" deep ... the bolt is always a bit short of that, so it doesn't bottom out in the hole ... assuming the bolt is sheared up, inside the crank, it means something less than 3/4"-7/8" is left in there. To me, it's not worth chancing a complete engine teardown to try welding something onto the stub.
I've seen the stories about welding razor blades together, and I'd love to hear how many certified weldors can claim they've actually done so. Low amps .. super fine ground & polished electrodes .. special filler rods .. VERY high dollar machines all make for some nice tricks, but I still think it is inappropriate for this situation. I've been through this very same exercise years ago on my own Kawasaki FD590V, and the GRAB-IT extractor worked just fine. If it didn't, I would have progressed to a left-hand twist drill bit in hopes that it would grab and unscrew the bolt. Failing that, tapping with a left-handed thread and inserting a short bolt should certainly get it out. Don't forget ... this involves working upside down, and in some pretty cramped quarters unless the motor has been removed for the repairs.