Replacing screws

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I was talking with an old salt down at the yacht club over the summer, and he was telling me about replacing various hardware on a used boat that he recently acquired. Part of the process involved replacing screws in the mast, boom, etc., by drilling out the holes, tapping new threads, and using machine screws rather than the self-tapping type that seem to be everywhere in my boat. Does anybody have any thoughts on this? Is this type of modification recommended when replacing screws that are corroded or have stripped out the hole?