Very stubborn swingarm spindle - KZ550 LTD

Getting penetrant between the spacer and bolt is going to be a challenge. Pouring it in the grease fitting hole will certainly lube up the outside of the spacer, and pouring it from each end will douse the bearings, but a great deal of patience and a lot of penetrant will be needed to get to the problem.

Thanks for the tips and advice guys.

Just to give a brief update: after a bit of trial and error, I haven't removed the spindle but I now know exactly where I stand. It isn't sensible to apply tremendous force to dislodge the spindle, as this risks frame damage. The spindle is galvanically corroded to the inner sleeve/spacer, which means that penetrant and rust remover (whether vinegar or other) wouldn't be effective. However, I know how to remove it. Because of one of the washer-spacers being missing on one side, the swingarm can be shifted slightly to the right or left, and this is just enough room to fit a hand-held mini jigsaw. I started to saw through the spindle and inner spacer, but then reconsidered. If I cut away the spindle, knock out the remains from either side, I can then procure another spindle, and a set of swingarm bearings and dust seals, and be done. However, where's the fun in that? It's a bit too chequebook-restoration for me. Besides, I could have bought a complete original bike if that's what I wanted, and have saved money. I started to lose enthusiasm when sawing, and figured, I may as well make this the hardtail bobber that's been on my mind for some time now, so that's the plan now. The spindle is going to stay in place.