I'm not saying this is the correct way to do it, but I have done this;
Fill to holes with an epoxy and let cure. Lightly sanded the area smooth. Drilled a pilot hole and installed the screw.
I am sure there are other ways, or different materials to use to fill the holes, but it worked for me.
This is what I usually do, either with Marine-Tex or a filled epoxy ("peanut butter") recipe.
Does depend on what the component you are attaching is, though. Is it something dinky like a pad eye? Or something substantial like a cleat, bimini mount or antenna mount that really should be thru-bolted anyway?
For the swing-out step mount, since you don't have access to the backside, how about this thing and a 1/4" bolt....
http://www.iboats.com/1-4-Size-20-Anchor-Garelick/dm/*******.371316630--**********.243737112--view_id.66162
Wow, those look a**-kickingly cool. I wonder if anyone on the forum has used these and can post a review?
I make a paste of epoxy and steel wool. mix it up, pack it in there and reinstall the screw while wet. Marine tex works also.
Drill a slightly oversized hole, slightly shorter than the new fastener, to remove any soft or deteriorated material. Clean debris from the hole. Apply a little penetrating oil or a silicone spray (like WD-40) to the new fastener to act as a release agent; wipe off excess film. Mix Marine-Tex and fill the hole 3/4ths deep. Apply a small amount of Marine Tex to the fastener, being sure to fill in around the threads. With a slight twisting motion, insert the fastener in to the hole and allow the epoxy to cure for the full 24 hours. Marine-Tex will have the threads cast into it, and the fastener can be backed out if necessary. A wrench or a screwdriver with a little extra elbow grease may be needed the very first time the re-inserted fastener is removed since it will stick the first time it is backed out.
I would reconsider that for use on a boat.
You're thinking rust I know. Covered in epoxy stops that. It's a trick I learned from ski racing when we'd pull a binding out of a ski. Never rusts.