I NEED A TOOTHPICK
Then it's "Uh-oh, I dropped my guitar and the headstock snapped off!"

When a strap button pulls loose on a guitar, or you get a new guitar that is incompatible with your old straps - then the brain gets called on to assist us with reason, logic and guidance. If you find a loose screw that is stripped and will not tighten, or you don't have the correct screw and you need to limp through one more set of songs, you need something to help right now!
A quick fix developed years ago was the toothpick trick. Elmer's wood glue and a couple toothpicks shoved in the hole then a screw jamed in there is a great permanent fix - not!
It's a cheapo, half-assed, duct tape and baling wire remedy to allow you to limp along until proper repairs are affected.
Toothpicks are NOT made of the finest Mahogany, any glue is only as strong as the lame-ass material it's attached to.
Like Pine, for instance.

"But, I know a million guys who have done it and it worked great!"
Baloney.
It hasn't failed yet is more like it.
The toothpick and glue trick is a used car sales trick, don't even go there.

"But many luthiers use that method and it works for them!"
Those luthiers are being paid by somebody to repair the guitar.
If you want it done right, simply tell him and he'll repair it properly. It's gonna cost you more money though.
See how that works?
Those luthiers always get the Poor Boy stories and nobody wants to pay them. Toothpicks are cheap.

When the toothpick repair fails, you will NOT be ready - because you fixed that already, eh?
When your guitar heads for the floor, the odds are slim you'll catch it.
What could it hurt? Well, throw it on the floor right now to find out!

You guys do it your way, I'll be using Schaller straplocks on all my guitars, just as I have for the last 15 years.

Free toothpicks or a million dollar repair bill?

There is a middle ground, and it doesn't cost much.
If the hole is shot, a 3/8" diameter Mahogany dowel is as good as it gets for a repair.
I bought one at Home Depot, 36" long for $5, still have 30" of it left.

With limited luthier skills, you should be able to use an electric drill to get a good, clean hole.
Go directly into the stripped hole, and drill the complete depth of the screw that was originally there.
Test fit your dowel, and when it looks like all is well glue a SOLID 1.5" long piece in the body.
Once it dries completely, drill a new screw hole and put the original screw back in.
The strap pin covers the Mahogany dowel, so no paint work is needed.
The repair is done right, and will last forever.