I don't know if I've done this before. But, depending on the hole/fastener, you can bend a small length of weldwire/paper clip/coat hanger in half, hang it in the hole, and screw the fastener back in the hole. I do this mostly on enlarged armrest screw holes in 50's-60's car door skins. Works great
I use cotter pins for the same purpose. Just bend the ends out, flatten the other end in insert in hole.
I have always just used a bigger diameter of screw. Sometimes the application does need the correct look of the screw head and only the original style screw will work. Thank you for the tech help, always learning something new here at the H.A.M.B..
I thought I'd add to this instead of posting another tech post (since this one is what made me think of it) but when making a hole for a self taping sheet metal screw, use an awl to make the hole instead if drilling it. That way there is a lot more metal there for the threads to hold on to.
I recall seeing a catalog once where they sold mix and match screws - like a #8 head on a #10 body. I always thought these would be perfect for stripped out holes. Pretty darn sure it was Au-ve-co who had them. Probably lots of others as well.
There are also 'riv nuts'. These are basically a rivet with threads on the internal side, the only negative is that you need a special tool for inserting these. They do come in a large vaiety of sizes and are a fraction of the cost of a heli-coil and can be used in areas that need a blind nut and do not require a structural type fastener.
While trying to hang the side pipes on my '50 Buick, I ripped several bolts out of the backside of the rocker panels. I finally found "well" nuts at Ace hardware. They're regular nuts incased in a rubber bushing. You drill the hole the size of the bushing. Push the bushing through and then when you tighten the bolt, it crushes the rubber on both side of the hole. It seems to hold pretty well and adds an insulator for the exhaust.