Hello Ryan,
The problem with trying to drill out a hole and using a big enough easy-out bit to be effective is getting the hole centered. Easy concept, but hard to do in reality since the drill bit wants to wander from center until it grabs. Solution, create a guide for the drill bit so that it is centered.
Details:
1. Sack up 6 or 8 M5 washer and slide them onto a M5 bolt.
2. Using blue tape, tape the washer stack to the shifter boss and remove bolt.
3. Use a wire size #3 drill bit to drill into the bolt just slightly, about 1/32 or 1/16 of an inch.
4. Remove washers and drill a suitable hole for an easy-out to be started, but not too big that the drill hits the bosses treads, still kind of tricky.
The #3 drill bit is snug fit for the M5 washer. A 13/64 bit is loose, so I won't recommend that. I used this process recently to center a hole on a 1/2" steel rod so that I could tape it for a M5 bolt. It worked great in my situation since the rod isn't as hard as a bolt and I wasn't trying to use an easy-out. Also, I used a drill press (one of my favorite tools).
Good luck,
John