Unless it's a Cinelli I'd sacrifice the stem - cut round the bolt leaving as much as possible as you may need to get medieval with the thing to undo the expander.
If you can't get it to unscrew any other way, drill into it with about a 3/8" drill bit using the allen key hole as a pilot hole. This will take the head of the bolt, allowing you to tap the expander down using a punch and remove the stem (assuming it isn't all seriously corroded). When you retrieve the expander wedge, you will probably find the remains of the bolt will unscrew easily now that the tension has been released. Then you can look for a long bolt with the correct thread and rescue the stem.
Now you have the bolt out can you not screw it back in and just leave it proud a bit, then give it a blummin' good smack with a hammer. This should free off the wedge. You are going to have to get a new bolt anyway so it doesn't matter if you damage your existing one.
SJS cycles? I bought one ('Gripfast', 8", countersunk, allen socket) from Freemans Cycles, Norwich (online), some time ago. But can't find it listed now. I remember having quite a hard time finding one, much to my surprise.
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