Why don"t you try a small angle head drill,if that will fit,and I think it should, it will save you the time removing the hood.Sears also sells an easy out bit for problems such as yours,I was a Mechanic for 35 years, things happen,take a deep breath and it will all work out.GOOD LUCK!
This is a good suggestion if the angle head will allow you to appropriately drill a pilot for the screw extractor/easy out.
I worked construction in college, and I swear I broke about 100 bolt heads in my day. Screw extractors work as advertised as long as you drill that pilot, but you're going to need access to the top or bottom of the broken screw. Accordingly, I don't think the fender idea will help.