First I'd like to say thank you for all the informational help. I did get the drain plug out and, if this can help anyone else, here is how I ended up doing it.
1. I borrowed a hydraulic motorcycle lift from work (We use them for something completely different) and .lifted it as high as it would allow. I found a right angle drill would not allow me to blindly drill the center of the plug. So I needed to get under the bike as much as possible.
2. I also had to use a carbide bit. Not a carbide tipped one, but a complete bit. The HHS one I got from our machine shop just would not dill through the plug. I'm not sure if it's a grade 8 or not, but it was tough.
3. I went slow because I didn't want the carbide to break through and snap getting hung up on the break though.
4. I used an easy out made for the 1/8" hole. I also had to use a different tap handle. The one I got out of the tool box first was a flat style. I forgot that the screw extractor was so close to the frame that I needed a long T handle to reach it.
6. I could feel the plug release and finally start unscrewing out of the hole. It was definitely torqued way beyond spec. At one point I was worried that I would break off the extractor in side the plug.
Again, thanks for all the great suggestions and help. You all are an awesome group.