Thats a great fix steevsee,I am planning to do all the playfield posts in the magnet area on my x-files with the steel nead-it next weekend,have you used the steel nead-it? and if so which is better or are they much of the same,you have me thinking now mate do i use your technique with the wax paper and the drill bit or should i just putty up and re-drill the holes for the posts 
anyway awesome work 
Haven't tried the steel version but here are some pics of a cabinet repair using regular Knead It.
This area was badly water damaged and after removing all soft wood, there was not much left in this corner.
After the repair , I was able to lift the entire cabinet by the knead it putty. Strong stuff!
I think you probably could just fill and drill it ok (probably be easier) but I needed this hole to be perfectly centered so used the drill bit in a different way.
