There's another option if you can cut off the head of the bolt and are prepared to use glue-ins, and that's what I call "redneck core drilling." Here's photos of replacing a 3/8" split-shaft bolt with a 12mm glue-in (so the hole size is 9/16"/14mm), this was in granite in 2014 (top of Tiger Wall at Courtright Reservoir).
You can see the small SDS bits left tracks down the side of the bolt:
I don't have a photo of the hole drilled out to 9/16" and notched, but here's the final bolt:
As long as you can drill alongside the bolt (can be tricky with squirrelly little 5/32" SDS bits), this ought to work. If you can go up to a 5/8" hole (16mm) for the large Twisted Leg bolts then you can use a bigger small SDS bit (3/16") which is less squirrelly. If you're working in soft rock the small SDS bits may track out into the rock.
The other main problem with this method (other than the squirrelly little bits tracking strangely) is that the bits are easy to break, and if that happens then you end up with pieces of bits next to the bolt, which is nasty. So be gentle and have several extra small bits so you can swap out before one snaps. Again this is a good argument for 3/16" bits and large Twisted Leg bolts, the bigger bits are easier to control and less likely to snap off.
Of course you can cut the head off and chop and patch, which is a lot less work, but in cases where you really want to re-use the hole this is an option. As far as 5-pieces, this would not work on just cone and sleeves, the bolt core needs to be in the hole.
And as far as the above photos - these days, if you know you're dealing with a 3/8" split shaft, you can simply try extracting the rusty bolt straight out with a puller (Doodad, Hurley, etc), and you may get lucky and the bolt could just inch out (especially in softer rock).