I would chuck it in the lathe chuck. Hold one of the jaws with an adjustable wrench and give the Allen wrench a tap or two. I t should be right handed. And if you have an impact and hex bit that would be better.
My R8 slitting saw arbor has a 3/8"-24 RH thread. I replaced the original flat head screw with a custom washer to match the countersink and a hex head cap screw.
If I’m thinking of the same arbor? Sorry, you do not have a pic. Mine is RH. This problem has happened to me. Do not use an impact. Do not use a cheater bar on the Allen wrench. All this will do is destroy the hex hole in the screw. You need to grab that special washer on the end and turn it CCW while you are trying to turn the flat head cap screw.
A pipe wrench would work, but will leave that special washer with ugly jaw marks.
Then when you are all done put two flats on that special washer. So next time all you need to do is put a regular wrench on it…Dave
That trick might work on some other stuck fastener. But not on this problem. The saw blade in operation has already tightened the bejesus out of that screw.
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