1967 273 stuck water pump bolt

I like that. I also have a sloped driveway that would aid in the penetrating fluid reaching the threads.
Seems like it would not create a water leak as long as the threads have sealant on them.

I know the top bolt is free and the middle bolt is free so I should be able to rotate the alt bracket out of the way.

Exactly, ceptin the threads are already sealed and so is the bolt head so actually you will be filling any void between the two with the penetrating fluid, and it should end up coming out.
I also use the hammer tap on the bolt head to break that bond the head might have into the aluminum.

But you might end up having to snap the bolt and pull the timing cover to get the rest of it.
Been there too.:D