[JHGibson]

When faced with this problem in the past, I just retapped the hole to the next larger standard screw thread. You will need to finish the threadcutting with a blind hole type tap after the first cut with a standard tap. In either case do not force the tap with higher torque than that you began tapping with, otherwise you might have bottomed the tap in the meantime and the increased forces could split the bakelite and create an even bigger problem! This is one repair job where experience really counts. I recomend you drill blind holes in a piece of scrap bakelite and practise first.
If you do not want to use a larger screw, you could fill the stripped hole with Araldite epoxy and after it sets then use a appropriate drill and tap to the original size.
One repair method that I plan to try on my next stripped thread is to fill the hole half full with Araldite with the entire hole wall wet with it and then run the original screw fully in and then let the epoxy set. The screw will need a faint hint of oil on it to act as a release agent so the the screw is not permanently glued in! This is only a thought and is totally untried. Did anyone try this already?