Hey Rick, I'm also just finishing up restoring a 74 Elsinore 250. One of 6mm studs in the cylinder was also stripped on mine. There was enough threads at the bottom to take two M6 nuts and tighten them together on the stud. Then put your wrench on the bottom nut and turn out the stud, the top nut just acts like a jam nut while the stud is screwed out. This also works good for any other stud that isn't stripped and you don't want to mess up the threads with vise grips. Email me with any other questions, I'd like to see a pic of your bike when your done.
Matt, MI
mailto:matt_schelosky@hotmail.com