Absolutely 
Thats the best way to remove a stripped screw. Main issue is getting a left-handed drill bit (and left-handed removal tool) into the lug screw as is not easily accessible on the assembled T200 motor.
I found that this may not be neccesary though if you first use a more expensive hex key (eg. Wera brand) to remove. Taking care to insert fully I have removed even a totally rust-siezed lug screw so long as you applied some anti-corrosion lubricant like WD40 first (but see this thread for precautions using WD40 on/near plastic).
Once the lug screw has been stripped though the only option is to drill/remove but this is not easy and have destroyed two T200 motor mounts trying.
Certainly wise to check these regularly particularly if you’ve made my noob mistake and assumed a swimming pool is good for a fresh water flush - nope!