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leave it alone and pull the sender switch out , use a T fitting and attach whatever you were going to do there. 
I think this is the best advice given your situation.
If you do decide you need it out. My second vote goes to welding something on there. It's a no turning back option but I've had great luck with this method. Easy outs and reverse drills are often at a disadvantage because the offending bolt, nut or plug is stuck for a reason. IT'S FROZEN TO THE THREADS, not coming out easy.
Welding heats it's up red hot and I'm confident that also helps the removal.
69 Super Bee, 93 Mustang LX, 04 Allure Super
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