This morning we worked on some more bolt removal techniques in the Eldo garage. Using a funkness device is problematic with a typical hanger since the hanger is designed to convert axial force into oblique/shearing force. What usually happens is that you bend the bolt, mash the threads, or it just breaks. I purchased some forged eye-nuts and eye-bolts to help with 5-piece and wedge bolt extraction. Looks promising.
In this video I placed a 1/2" x 3" bolt that I had removed from Apple Strudel last week. It came out of the first hole a little too easily. Placed it again and removed it again. Second I placed a cheap Redhead wedge bolt. I tried to funk it out without weakening it first - no dice. I attached Matt's bolt spinner and a drill and spun it for a minute or two to grind down the collar. If you continue to spin it, you often will break off the wedge at the back of the hole. I stopped and attached the eye-nut. The funkness device worked (A 3 lb. hammer would have worked better): youtube.com/watch?v=csJXmXB… When the weather is nice again I'll try this method out on one of the remaining 11-year-old carbon steel Rawls on Apple Strudel. It's cheaper than purchasing a used Greenlee for ~$200, but slower and more of a workout.
Yes, spinning the cone will definitely help being able to funk it out. I used that technique on a Powers 5-piece a couple of weeks ago and it worked perfectly. Of course, the trick is getting it to spin and not tighten up on the bolt threads. If the threads are full of grit or the cone is rusted to the bolt then you have a chance.
A couple other comments. For 3/8" Star Dryvins we have found that using a 3/8" lag screw is great for removing the lead. Just screw it into the hole till it bottoms out then crowbar it out. That might work with the second sleeve on a Powers 5-piece, but I have yet to try it.
Also, rather than funk stuff out, I just carry a 2-foot crowbar. It is so handy in so many situations.