"Best" way to remove? depends on how well locked those threads are. You might try an easy-out stud remover first, and if that fails, very carefully and gradually drill the old part out. You might be able to tap it back to the original size and thread if you get your drill to remain dead-center (probably best done in a drill press with table vise). Worst case scenario - replace the connecting rod altogether.
The dippers I am familiar with use a locknut to align and retain in place. It is my understanding that the hollow dipper is effective when used with the proper type rod bearing but the solid dippers work fine as well.
dieselgman