Amazing deals on this 13Pc Left-Hand Drill Bit Set at Harbor Freight. Quality tools & low prices.
www.harborfreight.com
Interesting concept, those look just like a tool. But they are not: HF drill bits are some grey substance that looks just like steel, but is not. My coworker at my volunteer job used to buy HF drill bits; they would work in softer woods a few times. He spent a lot of time spinning dull bits and heating up the material.
If you want a real steel drill, try mcmaster.com
https://www.mcmaster.com/drill-bits/high-speed-steel-left-hand-drill-bits/
Or grainger.com
You have to have a credit or debit card and purchase online to use either business: they don't talk to amateurs on the phone. Grainger will put orders in will-call at the local store.
Or to avoid a $10 freight charge, use your local fastenal or msc outlet. Hardware stores sell Irwin, which bits are inferior to mcmaster but better than HF. But they don't stock left hand variety.
Use safety glasses when using power tools. Chips fly; bits can break.
The trick to removing a threaded bolt with a LH drill bit is to drill straight counter thread direction into the bolt with a bit 3/5 the size, until the hole is 1/2" deep or so. Then suddenly pull the drill slightly sideways, to grab the bolt and spin it out of the hole.
As the posts on my Pacific & diamondback bikes look welded to the fork, I am dubious about the success of this whole project. If one did drill a welded post out, one would have to make a new post out of rod sawed off to length, then weld it in. Really, another bike frame or fork from a charity resale shop or flea market would be the repair method I would use.