Interesting technique. Before I gained confidence with my welder I'd always drill and use an extractor, however, as you say, unless you drill it absolutely dead centre you can end up with the drill drifting into the casting. Then the extractor won't work anyway. I've tried, in situations like this, then using a tap to clean it up but what often happens is that the remains of the steel stud rotates a bit in the hole and traps the tap! I've ended up with then with a tap stuck in the hole which breaks if you try to unwind it! However, as with many things in life, you go with what you've found works for you and I've found welding a nut on works for me. I'd like to look over your shoulder when you're doing it your way though as I like the simplicity of the idea.