While I've never done this type of repair to a guitar, I think I would drill out the holes and then epoxy in a short piece of hardwood (such as oak or maple) dowel. The dowels are readily available at Lowe's, Home Depot, etc. Epoxy is available there also. All you need then is a drill and a drill bit and a few minutes of your time.
Once you've got the dowel epoxyed in place, simply drill a starter hole for your new screw and you're in business. This is a MUCH better fix than the old "toothpick" trick, IMHO of course.
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