I've tried all sorts of stuff over the years, I tend to shy away from a torch. Mostly now I grind it down until it is almost through, Notch it, use a long pointy punch and a BFH to crack it. If the punch nicks the race seat, no big deal, nothing a little sanding won't cure. A set of those round grinding wheels that fit in a drill aren't really expensive. I have a one hand, air drivin grinder that turns at really high RPM's, it usually makes short work of bearing races. Though you do have to be careful, sometimes the grinding wheel shatters, face, chest and neck protection are a must. Keep a sharp eye on your work and don't grind in too deep. A few imperfections in the race seat aren't really critical, if you slip, you do have to make sure nicks are flush before you try to put your new bearing in.
The races are hard but brittle they tend to crack before they bend, if you heat them and let them cool slowly they get a lot softer and can be bent. Grinding heats it up some also, but not nearly as much as a torch does.
I've been wanting to try a can of Loc Tite freeze spray, I really can't tell you how it works, but the principle sounds interesting.