This is a difficult problem to resolve if the bolt will not come out by trying to drift it from below. The make up of the bulkhead bracket is such that it will flex with each hammer blow thus negating the shock effect.
The bush is of the "metalastic" type with a spacer tube bonded to the bushing to set the compression limit when tightening the bush. The through bolt rusts to this spacer resulting in the situation you have.
Depending on what equipment you have will determine how to tackle this problem. If you do not have access to a stick welder then drilling out may be your best option. using a good quality cobalt drill it will be possible to drill the through bolt out. Not all that easy to keep central over the entire length. The heat generated by drilling can cause the bonding of the spacer tube to the rubber to fail and the whole bolt spins rather than drills. If this happens grip the bottom of the bolt with self grip pliers to prevent it spinning. Liberal amounts of cutting oil helps the drilling action.
If you have access to a stick welder then you can try this. I do not think that the bolt is attached to the large washer, only rusted up. Prep the bolt head for welding using a die grinder, dremmil, narrow belt sander or whatever you have and weld something like a 16mm nut to the prepared through bolt head using a dissimilar type rod, the rod choice is important to obtain a good weld. You may find the action of welding has generated enough heat to free things enough for the bolt to come out by drifting from underneath, give it a try first. If not then the next step can be tried. The object here is to make a puller to try and extract the through bolt. Weld a piece of threaded rod to the nut that was previously welded to the through bolt head, use something "meaty" as this is used to pull the through bolt out. Use a dissimilar welding rod again to get a strong weld, Put a tube over the whole assemble to bear on the large washer and use the threaded rod as the forcing screw to pull the through bolt out. I hope you understand what I mean.
Prep the whole area before you start, remove the bonnet, any pipes/wires or anything else restricting access to make the job easier. Fireproof things with wet cloths /fire blanket and if worried about the carb take it off.
When rebuilding use a stainless steel bolt.
Hope this helps.