Everything is relative. Don't be afraid to open up the holes in the joysticks to a full .250". I've found that the holes are so close to that size, you can just form threads right into it with the machine screw.
Also, the size of the hole you make for the inserts is crucial. If you don't have the right size bit, get one and make sure you drill a nice clean, straight hole. Like anything, an idea is only as good as it's execution. These wouldn't exist if a wood screw was better, but they take some care to install properly.
RandyT