Originally posted by Kevan
As an alternate to the toothpick, but in the same vein:
I use sawdust (usually from maple or another hardwood) and mix it with a nice blob of Titebond wood glue onto a piece of scrap paper. I get a nice pasty mix- about the consistency of bread dough- and use a toothpick to insert the mix into the appropriate hole.
I'll then thread the screw in, and wipe away any excess as it bubbles/squeezes out the top. Then let it sit another few minutes, remove the screw, then go back and re-assemble.
It takes a little longer than the straight toothpick method, but...it gives a nice re-thread, with no visible signs.
Originally posted by Jim Collins
I've always had great success with small pieces of toothpick and Elmer's Glue. Put a little glue in the hole, and line the hole with tiny strips of toothpick. This works for all kinds of holes, not just little pickguard holes. I've fixed strap holes, using this household remedy. Toothpicks are hard wood, so they'll grip the screw just fine.