Threading the hole
A friend who worked as a rigger for several years showed me his method. He drills out the hole, hogging it a little with the bit as he drills by just wiggling the bit around inside (tilting the drill). The one he showed me didn't go all the way through the deck, so he made sure the bit didn't go all the way through. Then he fills the hole with thickened epoxy and lets it dry.
After it's dry, he drills out the hole, using a bit smaller than the machine screw he's going to use. He then taps the hole using a metal tap the same threads as the machine screw he's going to put in.
Finally, he coats the machine screw with unthickened epoxy, and screws it into the hole.
Of course, this is one that you really, really need to get right the first time, because taking the screw out later is a big job. It is possible, just a lot more difficult than if the screw were just screwed in with no epoxy.
There's a lot of situations where this might not be the best approach, but I thought I'd share it!