This really isn't all that difficult.. +1 on the dremel. If you can get any kind of a cut off tool, get it..
Can't remember if there is a fastner or any kind of body clip on the rear of that nut, or if it threads into the Bay itself. This would be your first point of interest. If it's a fastner, cut the bolt. If it's a clip, cut the head from the bolt and remove the clip. If it threads into the bay, drill it out and tap it.
Red 1996 GT
BBK Shorty Headers
Pypes HFC'd X Pipe
Hurst Billet Aluminum Shifter
Rear Window Louver
Drilled/Slotted Rotors with High Perf. Pads
Sequential Tail Lights
Awful Looking Stock Rims Painted Gun-Metal