Ladies and Gents, the spot weld bit worked pretty darn good!
The bit is very easy to use, but I highly recommend keeping a punch near by. Occasionally, the bit will start to walk away from the desired location. Hit it with a punch (preferably a spring loaded one.
a couple times, and go back at it. It took me about 15 minutes to drill out all of the spot welds, pry the two pieces apart with the short end of a crowbar and a hammer, and use a drift to straighten out the drain channels.
It left the floor panel looking like swiss cheese, but in the end, it should really help with welding it back into place on the sub frame, and the parallel lines of holes won't even be noticed!