I prefer to drill the hole out slightly oversize and add a little epoxy (with some fibers added). Then insert a new, well-waxed screw into the hole with the pad in place. Wax the pad well also. Everything can be lined up prefectly and when the epoxy cures you do not need to do anything but use it...
Adding dowels, toothpicks and such works great, but getting the new hole EXACTLY right is much harder. Making the hole in exactly the right spot is automatic with the epoxy.
