Bit of a warning with eazi outs......Had the very same problem on removing the pressure switch - sheared off flush with the block. Tried a series of eazi outs and drill bits and had no joy until it suddenly turned...

....but then I I realized that the eazi out had turned itself into the hole and its taper had caused the thread and the face of the block to crack.

. Well, with no chance of the thread budging and a couple of cracks in the blcok I ended up taking the engine out and getting it machined and welded up. The good news was that the machiners found that my head cyclinder was warped so go that skimmed and I also used the whole escapade as an excuse to fit a new cam. Just got it up and running today and all down to a £6.00 broken pressure switch.