Sorry, I'm confused.
Photo shows the manifold studs in place. You say the center stud is broken and that it just spun out? Why do you need a 'reverse drill bit' if the stud is out and the threads look good? DO NOT buy/use EZouts! When one of those breaks off in a drilled hole, you're out of luck - no more options. Perhaps we need a current photo? If the stud is out, you can just reinstall it. If it's broken, you need a new stud (our Host sells them).
Those studs keep coolant in the block and need sealant. I use JBWeld.
Thermostat may have been removed to reduce engine temperature. Leave it out unless you decide later to install it. I ran without one for 15 years!
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