You don't need to drill it out and re-tap. Just get a screw remover. It looks like a grinding bit/drill bit, except the flutes are reversed. You drill a small hole down the center of the screw, then using a hammer, tap the screw remover into the screw, and turn it out. The flutes on the remover dig into the hole while you're turning it out. You should be able to break the loctite doing this.

You can get these removers at www.mcmaster.com or any other place that sells machine shop parts. Do a search for screw extractor, look at page 2653, or look for item number 2563A11.

Good luck.

Russ