I've seen this before, and the "wedge or screwdriver" trick usually works, if not, then with the small wood wedges in place, it's possible to hacksaw the screw with a fine blade, without messing up the fairing. Another trick that's been successful, is smearing a blob of JB Weld behind the tab if it's a flat nut ... doesn't work if it's a direct threaded tab. Good luck, and it takes a long time to hacksaw the screw, so take your time, tape the fairing, and you'll probably have no scratches. I wouldn't Dremel the slot in the head, as it'll melt the fairing, and it'll still spin.
edit: forgot to mention, once the screw is cut, it's easy to get the offending stud out, or recut new threads.