Had this problem...
I had this very same problem and ran into the same difficulties. The screw head sheard off level with the stanchion base, which meant that the screw body itself stuck out just above the deck level. For some strange reason I finally decided to put a pair of vice grips on the screw end, making them as tight as I possibly could. To my surprise this worked and I was able to slowly turn the screw out. As it turned I was able to then get a better grip. I had tried everything before doing this including drilling, using a screw removal tol, etc, and nothing had worked, but because I had a bit of the screw end visible above deck the vice grips worked fast and easy. Rob