Ball-mount Stuck in Hitch Receiver

Not sure where to put this thread; I don't want to limit it to the Buick crowd.

I bought a used '92 LeSabre little over a year ago. After bruising my shins several times :banghead:, it's high time I get that ball-mount out of the receiver. The receiver will stay mounted to the frame (although I may paint it).

First things first: the pin is stuck! Any tips? I tried oiling it & wailing on it with a sledge, but it's only dulling the "point" on it. Help!

Once the pin's out of the way....
It's a 1¼" shank; does this make things easier for me than a 2"?
I plan to pick up some PB-Blaster (rather than WD-40), is there a stronger penetrant I can/should use?
I thought about heating it... Is a heat gun enough or do I need a torch?
I've heard of heating it and allowing paraffin(wax) to seep in. Does this work for hitches?
If I want to heat it, should I avoid soaking it in oil?
Being a LeSabre & not a truck, dare I chain the ball to a tree and hit the gas? (would the car handle this abuse?)

Any other tips?