If it is the top center, then it was originally a short 5/16" stud, rather than a bolt. Not used for alignment (the alignment is set by two precision dowels, 3/8" diameter as I recall, that are off to the sides). IIRC the stud had coarse threads on the end that goes into the block, and fine threads on the end that sticks out; so it's possible that some DPO tried to install a fine thread bolt that snapped after being forced into the coarse threads.
I don't think it's all that critical; still, that joint was never any too strong (the factory beefed it up several times with the larger engines) and I would want to replace it if possible. It's also a long way before you hit anything important, and even then it's only the water jacket, so I wouldn't worry too much about drilling through. Just limit the depth to 1/2" or so and you'll be fine. It's got to be at least 1" to break through into the water jacket, and no catastrophe even if you do. Just smear some sealant onto the new stud and go on. (Don't forget the refill the coolant though
)
I've never had much luck with easy-outs. I've read of a technique where you basically weld a nut onto the end (by holding the nut in place and filling the hole with weld material), but of course that requires access to a welder and welding under some considerably less than optimum conditions. So I'd first try the left-hand drill bit trick. If that doesn't work, keep drilling larger in small steps until you can see the threads on one side of the hole, and then pick out the remains (with a dental pick).
If that doesn't work out, then I would probably install the gearbox and use it as a guide to drill & tap for a "Helicoil". The drill should just fit through the hole in the gearbox (to put the hole in the right place in the block). The tap will cut into the gearbox slightly, but IMO not enough to hurt anything. (I installed a Helicoil for one of the starter bolts this way, many years ago, and I've never had a problem with it.) But if you want, you could remove the gearbox after the hole is drilled, to tap & install the Helicoil. If you do install the insert with the gearbox in place, be sure to turn it in far enough to be entirely inside the block. (One way is to make a mark on the shank of the installation tool, the thickness of the gearbox flange away from the end of the insert.)
If you do decide to leave it as-is; then make sure all the other fasteners are in good shape, with new lockwashers and locating dowels securely installed.
Good luck, no matter which way you go!