I would fill the holes with jb weld or pc 7 let dry for a couple of days. Sand flush and cover with fiberglass and drill new holes. The glass will keep the bit from trying to follow the old hole. I have used this method a time or two in the past and it worked fine.
The limb locking kit we used to get from Binghams back in the 80 s used a 3/8 bolt we drilled a 5/16" hole and tapped it they held just fine and probably were much weaker than what we use today.