Well, the bolt is already broken, what's the worst that could happen if you yanked the WP off? It might break closer to the block, but I'm willing to bet that you wouldn't be able to get the bolt off with vice grips anyways.
Just be careful if you pry it off. Try NOT to pry between the head area (where your broken bolt is). Pry near the bottom against the outside of the case. If you pry near the top, you run the risk of damaging the milled surface on the block where the water pumps seals to.
Extractors work well, but I'd spray it with some Aerokroil (availabe online or from some hardware stores). It's killer stuff, and better than PB blaster. Let it soak for a day or two, drill out the bolt at the block, and then use an extractor. Be sure to drill the bolt all the way thru: this will relieve the tension on the side of the bolt, and make it easier to remove. I usually start with a relatively thin drill bit, and then work up to the size of the extractor.
Or, Heat it up. I'm not too handy with the torch, so I shy away. But if you break the bolt off at the block, I'm not sure how much good the heat will do.
Good Luck.