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The shop that is currently rebuilding the entire suspension on my 70 had to do the same thing. Cars this old, it's rare they just unbolt & slide out.
Glenn
cutting out the bolt is easy, wait till you try and put that little bolt back in .there are several ways to do it .i used a small needle nose pair of vise grips to hold the bolt and push it into the hole .good luck
I got lucky when I replaced the bolts on my 75. It was a 58,000 mile all California car. No rust on the frame. After reading about the problems getting this bolt out I was relieved that I did not have to cut it off.
But then, I did lose my reason to buy a new sawzall tool. So there is good and bad news.