If the thread is stripped its gonna be under little or no pressure anyway! If there are still two bolts / screws that are under tension the there is no chance with the head / column falling. What sort of Gorilla torque were you using to strip HT M12 bolts ? ? ? Personally i'd try a LH drill bit - if the head has to come off anyway, the LH drill may catch and screw it out ?
It sounds as if the hex that the allen wrench fits into is what is stripped. If that is the case then the bolt will still be under terrific torque.
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