On another forum, comments have been made about the use of hand impacts versus air impact tools. Discussion was made about using the correct tip in the tool whether air or hand-impact, that would mean, using the JIS tip, probably a #2, I assume, if it's a phillips head, or a 5 mm if an allen head. Preloading the hand-impact in the direction you want it to turn, and using a good ball-pein hammer with some weight to it were also commonly-approved techniques. The use of a bit of heat will break the bond of the locktite, and is supposedly a standard operating procedure with the high-strength red locktite. The blue locktite should break-loose just with hand tools alone, but if you want to heat it, a few seconds with MAPP gas is probably better than a standard propane torch.
If I have a screw I'm suspect it could shed the slot or phillips X before loosening, I use a combination of heat (whether or not it's got any locktite), I place a tight-fitting tip into the top of the screw, and give a few sharp raps with the ball pein, and then some PB Blaster. At this point, I'm not putting any turning torque onto the fastener, it's just to 'shock' the fastener. Let that soak for a few minutes and then a hand-held impact hammer.
Rarely will I have to break-out a cold chisel, but the Yamaha brake disc buttons have been a place that I've had to use the cold chisel before, when the prior methods didn't convince Mr. Button Head to leggo your grip on my UI%$%$! brake disc!
A dremel tool to cut a new slot across the fastener head is another technique in the arsenal of tactics and strategy to defeat stubborn fasteners. Just be-sure that the tip you're going to use to try to remove the fastener is as-tight-a fit as-possible once you make the cut, especially if you are going to use the hand-impact driver. If you don't, all you're going to do is beat-up the head of the fastener, and probably break-off chunks of the head, leaving you with an easy-out removal job. I try to avoid those episodes.