I have had this problem before, and have a permanent fix. It's a little tricky, but done right, it's a lifesaver:
You will need a two part epoxy (I like Marine-Tex, but JB Weld will do), some vaseline, talcum powder, some toothpicks, and the original screw.
First, coat the screw with vaseline. Wipe off the excess, leaving a film. Use a toothpick to get the excess out of the threads, and be sure the back side of the screw head has a film as well. Dust the screw with talcum, and be sure to get it everywhere evenly, but leave no excess. This will be part 1 of your mould release.
Second, mix up some 2 part epoxy. Use another toothpick to push epoxy into the damaged thread hole, and be sure to leave no air pockets. Do not leave the toothpick in the hole.
Dust the now-filled hole with talcum but don't mix it in. This is part 2 of your mould release.
Put the screw in the hole just enough to thread it completely, but don't bottom the screw. Some of the epoxy will come out between your thread opening and the screw head backside. Try not to let the epoxy touch the screw head.
Let the epoxy cure. A day is best.
Remove the screw and use the razor blade to cut the epoxy facing the screw backside flush. Do not cut the epoxy on the backside of your flange hole. This will act like a backing plate to the threads, and will squeeze the flange against the screw as long as you don't overtighten it.
Hope this helps.
Rob (in hell)
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