Most valves (not very old imperial ones) have M4 screws. Drill through centre of screw with a 3.2mm (smaller rather than larger if you haven't got 3.2) and use an "easy out" to remove screw. If screw is cross headed, you can try using a countersink bit to centralise a start for the 3.2mm bit. New M4 screw (preferably brass) on reassembly.
Alternatively, as above but use 3.3mm drill (M4 tapping size) through screw into spindle, then large drill to remove head of screw, then re-tap hole in spindle M4.
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