If you are going to be servicing the bearings anyway, it might help to try to get a little penetrating oil under that bolt as well. There are some very good "homebrew" recipes, but for off the shelf commercial products, Kroil, or PB Blaster work pretty well for me. The PB Blaster has chemicals in it which can absorb through your skin and cause a tremendous headache if enough enters your system, so latex gloves maybe be warranted if you end up using a bunch.
And, what Monte said - you're going to need a bigger lever, and a good quality bit that fits well in the allen slot.