Hmm, I dont think analogs are good to use with fighters.
(too much stick travel = bad reaction times)
As for the bolt... you should be able to just drill right thru it using a standard drill bit. Sometimes, you have to use a small bit to start out, and then work your way up to larger bits - redrilling each time and making the hole larger.
The steel rod I drilled thru was probably a lot tougher than the bolt. Shouldnt be too hard at all.
I have a drill press and special clamp... so it helped a lot. Otherwise, it may be a challenge to do such presise (perfectly centered) drilling on a round surface. (practice on something simular first! : )
Sincerely,
Steve