I have only done 2-3 coolant changes, but I recall the plug in the heat exchanger is a stainless steel needle like screw with very fine threads and a rubber o-ring for a seal. The heat exchanger itself is aluminum, hence the dissimilar metal and potential for corrosion.
I have been lucky and not come across too many stubborn screws/bolts on our boats.
There are numerous ways to attempt corroded bolt removal, and a quick internet search turned up this page (and I'm sure there are other pages out there with additional advice:
http://www.practical-sailor.com/blog/-10984-1.html
I think the key here is to be patient and if you have not stripped the bolt heads yet, stop. I would probably try heating/cooling cycles combined with some PB Blaster (or similar), and even taps with a hammer to try and break that corrosion bond down. You may have to do this several times over several days and keep it soaked with a rust penetrate. From what I understand it is the rapid heating/cooling shock that works best. Heating is easy with a torch, but for rapid cooling you could try a can of compressed air for cleaning computers turned upside down which will squirt out the liquid (I believe it is compressed CO2) refrigerant to help quickly cool things.
If the heads are stripped then you might have luck using a dremel and small grinding wheel to put a slot in the head you can use with a screw driver. As others have suggested, a good quality screw extractor could also work.
Worst case, it breaks and/or needs to be drilled out. You mentioned that it would be difficult to drill and tap new threads because of the hull, on my boat it would be clear and easy to do so but your design must be a bit different. I imagine there must be some way to get in there and tap new threads if needed, may have to remove some of the jet pump assembly first? If you can tap new threads you should be able to get some sort of standard plug or screw to make due without having to replace the entire heat exchanger which would be a big job.
Not sure if any of this will help, but I hope it does. Let us know how things are going, I am curious to hear how it turns out. Good luck!