No! You can remove the bleed screw using a screw removing tool. Firstly, you drill a small hole as close to the centre of the remains of the bleed screw as possible. The drill sise is determined by two factors: the thread size of the bleed screw and the diameter of the screw remover/tapper. When the hole is drilled, you tap a new thead inside the bleed screw, this will be a left-hand thread. You then insert and screw in the screw remover which is also left-hand threaded. Once the screw remover reaches it's thread-stop (ie, it can't screw in any further) by continuing to apply pressure in a counter-wise direction, it will unscrew the bleed screw. And that's all there is to it. Happy screwing!!
Paul Tomasi, December 2006