You guys are overthinking this. If all you want to do is get the screw to bite and you don't want to remove the panel to see whats behind it then just take some wooden toothpicks, dunk them in Elmers Carpenters Glue (The outside type) put them still wet into the hole, break them off flush with the top, then screw the screw back in. The whole thing should take less than 3 minutes to fix.
Basically it's the same kind of fix you use to repair an oversize screw hole in a door hinge. The beauty of this repair is that you can still unscrew the screw at a later date to see what's really going on behind that panel. You can't do that if you use epoxy.
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1987 V20 w/1987 150HP Yamaha on a Shoreland'r Trailer
1978 16.5 Airslot w/1996 120HP Force on a Four Winns trailer
1996 V21 w/1993 200HP Mercury on a Shoreline Trailer
All towed by a 5.7L Hemi Durango.
If God didn't have a purpose for us we wouldn't be here, so
Live simply, Love generously, Care deeply, Speak kindly.
(Leave the rest to God) 
Silence, in the face of evil, is itself evil. Not to speak is to speak, not to act is to act. God will not hold us guiltless.
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