I did a variant of that on my boat when several snap bases were pulled out. I found a splinter of teak, put a couple of drops of thick cyanoacrylate (CA) adhesive on it and put it into the oversized hole. Then I cut it off at the surface. In a couple of minutes I screwed the snap base back in. CA adhesive is “Super Glue” or equivalent, and you want the type that is viscous and sets in a couple of minutes, not instantly. It’s used extensiviely to build models and is very useful around a boat.
A matchstick would have worked, but the teak splinter won’t rot.
— Tom Dove