L, Agreed !!! We just fill the faulty hole with the thick variety of super glue and screw it in ... the beeswax prevents the screw from sticking permanently ...
I'm always leery of the old toothpick trick causing excess pressure and may split the wood ... we saw/fixed a strat once that had been split by the insertion of a nail (?) in the strap button hole and then a larger screw jammed in

.. it is the end grain where this happened , on the upper bout .. where there is little wood ... on the back , you probably could do any thing you wanted , tons of wood to support it ...
If the hole is really wallowed out ,best whittle a piece of matching hardwood down and Tap it in with some super glue , cut flush, and re-drill to the proper size ... That's the preferred way , and if you use a small felt washer under the strap button , as we do , then all is covered...