rickpaulos
Finally riding a big boys bike
Per the old Schwinn Repair Manuals, you can also try using a #8 easy-out screw extractor. Search the CABE and it will come up in various threads. Also can goggle it to find pictured instruction in the Schwinn manual circa 1970-ish. The extractor works, and it will prevent the pealing of the soft metal prongs. Once the prongs are pealed, you have no other choice than to use the extractor.
There are other methods. A bit more destructive but if the notches are gone, it's already ruined. One I've done a few times is remove the bearing race, watch the many tiny bearings fall out, lift the outer body and cogs off and put the threaded portion of the body in a vise or use a large plumbers pipe wrench.
I saw a guy weld a steel bar to the freewheel to use a long lever. First pass to weld the freewheel in to a fixed state, then a bar welded across the front to use as a lever. He ruined the ruined freewheel but it came off quite easily.