Yes, I bought one to rescue a Gibby SB-450 bass. You have to be careful not to angle the wood removal tool toward the back of the neck. It has to be kept in line with the rod. Other than that, my only recommendation is to go slow. Take a turn at a time and check the depth after each one. I've seen pics of the auger going out the back when it's not kept in line.
Do you have the nut? If so, Alden makes a tiny "easy out" called a "Grabbit". Drill a small hole in the rod and use that to remove the rod, after soaking it in some hot, thin oil. The nice thing is one end is the correct size drill bit for the other end tool. See pic.

It does work well, however there were a few things that I did different from what the instructions said. Of course, the Gibson had the big hex nut, and you would expect to go back with that. It so happened that they sent me the wrong die set. They send one for a fender rather than a Gibson. However, the threads were the same. I got to thinking that a using a Fender nut would require less material to be removed in the cavity, so I got one of those in, and used round washers. The only issue was the length of the "bullet" nut caused it to stick out past the level of the headstock. I solved that by chamfering the slotted end of the nut so the TR cover would go back on.

Point is, this allowed me to not remove as much material as I would have had to, had I gone back with the factory nut and washer.
Note: I was NOT the one who scorched the cavity. That was there when I got it.

Are there any threads left on the rod? If so, I'd be tempted buy a trio of the three different thread nuts and see if you can thread one on the rod. If not, then you can use whichever nut and thread cutter you want.

BTW, then when you're done you can sell the set to recoup some of your costs.