I have a UMF I want to repaint to red like it should be on our '49 and I wanted to get the bolts out where it clamps so I can put square head set screws in. We all know the end of the bolt inside gets mushroomed and will mess up the threads coming out so here's my solution. 
Back the bolt out as far as you can without getting it to tight then take a cutoff wheel on a grinder and cut the head off.
Then take the cutoff wheel and grind a groove for a flat head screwdriver, be careful with your grinder so you don't grind your UMF.
Then screw it inward until you get it out. You may have to do a little grinding on the first thread where you cut it off so it will come out easier.
And it's out.

Back the bolt out as far as you can without getting it to tight then take a cutoff wheel on a grinder and cut the head off.
Then take the cutoff wheel and grind a groove for a flat head screwdriver, be careful with your grinder so you don't grind your UMF.
Then screw it inward until you get it out. You may have to do a little grinding on the first thread where you cut it off so it will come out easier.
And it's out.