Sorted it! This is how I did it...
Yesterday I had managed to get the bolt out a good 7 or 8 turns before it rounded off, so some of the thread was exposed. I decided to spray some WD40 onto the thread and around the hole then tighten it back up a couple of turns - my thinking was that it'd make it easier to get it out when I managed to find a way to do it.
I went out today and brought myself a set of good quality drill bits. I first used a 4mm drill bit to drill down inside the bolt hole. Then I used a 6mm drill bit to drill into the existing hole (my cordless drill is a bit puny).
The result... I had more or less turned a T40 hole into a similarly sized hex bit hole.
I hammered the right sized hex bit into this hole, attached my ratchet and associated extensions and proceeded to undo it with very little difficulty.
Ironically, I can tighten and untighten the bolt very easily now - all the way in and all the way out again.
Pic, because I'm proud of myself and my newfound mechanical ability: