posted 3 years ago
You obviously don't want to damage the wheel hub. If you can't get the wheel off, then you will probably have to use a left-hand drill bit. If it were me, to center the drill bit I'd use a piece of tubing that would not only center the bit in the larger hole so you hit the center of the screw but protect it from misalignment. If you don't have tubing of the correct size tape around the bit will work.
Does the screw go all the way through the axle? If it does perhaps the threads are in the axle and what appears to be stripped threads in the wood are just register marks from the screw's threads. If you look at R. Ranson's link picture it is probably a through hole which makes more sense mechanically, that axle being threaded being far stronger than a threaded wooden hub.
Our inability to change everything should not stop us from changing what we can.