I drilled the stud out, and then clean through the front of the bumper. However, I did have to grind out a larger opening in the front of the bumper in order to insert a bolt. I also had to cut away a small section of the backup plate that kept the original two bolt plate from dropping into the cavity. Then I gooped the underside of the new bolt with JBWeld and inserted it (area was too tight to weld the bolt). The new bolt is nice and tight now, and if it ever spins on future dissambly, I can put a socket through the access hole to hold it. I'm happy with the results and it was a cheap fix.
I will add a photo later tonight for anyone else interested in this repair.
Thanks for the suggestions and help.