I would go with the Kroil soak and a big wrench.
I worked in a project to hydrolyze wood and other cellulosics to produce fermentable sugars and chemicals. We used sulfuric acid to decompose cellulose (the main constituent of cotton). It takes HOT acid to do it fast. Few acids are kind to mild steel. Our equipment was made out of zirconium. Strange as it might sound, a more concentrated acid will attack the cellulose faster and the metal slower. But it takes very concentrated acid to matter. Like 98% sulfuric. Which is more dangerous to the user. Cellulase enzymes are pretty slow, even if you can get good contact. Which would be difficult inside an oily bolt. Bleaches attack cellulose by oxidation, which you don't want to do to your bolt. You can define chemicals and conditions that will attack the cellulose and not hurt the metal, but you don't have to stray far from the right mix, concentration, and temperature for corrosion to start.
Caustics (bases, alkalis, lye) do not attack cellulose at all. Paper mills use alkaline liquors to dissolve the lignin and other wood components, leaving nothing behind but cellulose.