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Drilling an access directly above isn't a bad idea either. You could then get a socket on the nut to hold it for back up. Remove, repair and then just use a body plug to fill the hole. No one would think twice about it.
That's not a bad idea, creating a stud vs a nut. But welding in such tight tolerance will surely leave slag on the threads. However, if you can get the nut welded back to the frame rail, the heat from that should help you continue to perhaps work the existing bolt out.
That blows. Now assuming that if you removed the other bolt and pried down on the hanger mount that the nut would still spin freely, you're screwed. If there was no way to stop the nut from turning, I would zip cut the head off and push the nut out of the way. It likely won't fit through any...