Actually drilling and re-threading (re-tapping) is the proper way to repair a stripped screw hole, heli-coil is the low tech bandaid fix.
As for that stupid balancing act with the normal grip screw, I took one look at that and thought f--k that. The first thing I did, when I starting building my lower was to throw away the screw that came with the grip and picked up an allen head bolt. Anytime I've taken the grip off since it's been very easy to chase down the threads since the screw stays on the allen wrench with out wobbling.
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