I would seriously not recommend the above procudure. If you can't get the pin out, drill it or you WILL be replacing the rack.
My recent senario:
I felt a severe vibration and pulling and quickly pinpointed a spun stub shaft and bad wheel bearing on the passenger side of my SHO. Upon removing the knuckle, it dawned on me that this would be a good time to replace my worn tie rods and take the slop out of the steering.
Upon removal of the boot, I noticed that the inner tie rod ball was not really worn. Instead, the inner tie rod was slopping back and forth where the nut attatched to the rack. I drilled out the rivet (because the head was gone, obviously cut) and the friggen thing just would't come off, even with the rented tool.
I consulted my grandfather, who was a front-end specialist for 40+ years. He told me it looks like I needed to cut it.
So I did. Cut the tie-rod down the middle of the nut, just enough to spread it and spin it off.
My discovery was grim: A stripped rack end with TONS of loctite... like a donut around the backside of the tie rod. Some ******** hack job broke the rivet head and tried to do the above procedure, spin the thing off with the pin still in the tie rod. He/she ended up stripping the **** out of the rack and globbing Loctite on it to "remedy" the problem. Fortunately for me, the end never popped off during my 1.5 year ownership of the vehicle.
Since there were about 3 threads left on the rack end, I had to replace it. $200 for an A1C reman, and that's the crappy one with my discount (versus the Ford reman, which is hard to find and about $100+ more).
That was a month ago. The rack is going in tonight, the old one drained overnight. Oh yeah, I'm doing this on my back in the garage b/c I couldn't drive it to a lift and couldn't afford a tow.
So, DON'T SPIN the INNER TIE ROD WITHOUT REMOVING THE PIN FIRST!!!!!!!