Don't know if this is a good option or not, but I'm in the process of repairing some security bar holes around my coindoor in the wood, and those bolts were a pretty decent size. I went to the Home Depot and bought some dowel rod the diameter of the holes. I then cut them to length, and wood glued and hammered into a snug fit. After that dried, I sanded the dowl smooth, and I went over the front and back with bondo to fill in any spaces still left over. I found one coat of bondo to be more enjoyable then many layers of bondo to do the same job. This may not work for you due to redrilling, but I'd imagine it would be strong enough for what you're after.
-csa