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I think my best option right now it to find a tool with a bit more leverage, like a socket wrench. I have actually strained my arms trying to undo it with just a normal screw driver. But If I do eventually have to drill out the threads Then I'll just have to find a way to make a new one or some kind of cap for the wheels to sit tight.
Its a well know phrase I've stuck to for many years now. A&I Adapt and improvise.
It might work if you open up the chuck then turn in the drill and make it run clockwise then after it reaches full speed suddenly stop, then keep on repeating this for 10 times or more. I've never tried it but it may just about undo the screw a tiny bit making it easier to undo. You could also try dripping some WD40 into the chuck and leave it upside down for a while- it could make it easier to undo.
Isn't there a thing where you can put a length of elastic band between a stripped head screw and screwdriver and it makes it easier.. that might be complete bollocks though.
I can see the logic in that, but I think it won't work on a screw head that size. I could try it, but I'll be looking for something like a socket wrench to give me more leverage.