I still plan to try this, just have to go into town and find a bolt. I really don't want to go into brute force methods like hammering, pressing and heating if the bolt doesn't work. I would really feel awful if I ruined this beautiful tool.I despise the drill and punch method of removing arbors.
Get a bolt that fits the threads and pop the arbor using jwmelvin's suggestion. At worst, cut the arbor about 1" from the chuck, drill and tap for a 3/8" x 16 bolt and pull it out that way using jwmelvin's method. I've removed quite a few using this method.