Spark Plug Problem, am I screwed ?

thats just whats left of the plug, the head looks fine.
take a torque bit of slightly larger than the hole and knock it down in to the hole then fit your ratchet/tbar to the end and turn the thread out.  there wont be any tension left on the thread as the head has been snapped off.

easier on a MK1 then pretty much any car as you can see the hole.