I never had, or worked on a TS, but to frame the situation (click to enlarge):

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I suppose inner bushes 1 (right, 54mm long) an/or 2 (left, L=44mm) are rusted onto the spindle 11. The swingarm has no bearings, it has a rubber bush (4 & 5) between the steel inner bushes and the swingarm. The construction is similar to that in the later ETZ, and should in principle be maintenance free. But in practice, if the rubbers are gone, you're up the brown river.
I once had a similar issue with an SP400 swingarm axle/spindle (because the previous owner failed to put decent grease on the axle at assembly), which eluded me for years. After many failed attempts with hammers (while supporting the opposite side with weight), copious amounts of WD40, and indeed a torch, in the end I managed to get it out by pulling. I used the thread on the shaft to pull the shaft, by putting ever longer bits of pipe below it. Sounds like you already tried something like that. If your thread has already been stripped, maybe you can try drilling a hole and tap thread into that? Pull, in combination with tapping from the other side, and WD40. Good luck!
Another pic from the TS251 manual:

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