I do not recommend using the method you mention--drilling out all fastener holes to 0.5-inch diameter and filling with epoxy resin and filler--as a universal method of repairing loose threaded fastener holes. I believe you must be making reference to a suggestion for repairing the mounting holes for the base of a rail support that is mentioned in the
FAQ. The rail support bases will completely cover their fastener holes, and that will obscure from view the 0.5-inch new hole. For holes for other fasteners where the hole will not be obscured by the attached item, I would limit the diameter of the newly drilled hole to be less than the head of the fastener screw or at least no wider than the device to be attached.
When using epoxy as a hole filler, you should always use a filler. There are two concerns; pure resin will tend to heat up during curing and may get too hot, causing more problems than it solves; pure resin will cure to a very hard state, and self-tapping screws may have difficulty cutting threads in pure resin.
Wood is often used as a reinforcement for fasteners, and in some instances wood can be used to restore a loose fastener hole. A soft pine dowel can be used, although carpenters will suggest using a hole cutter plug and cutting a bung from a suitable piece of lumber, suggesting that the grain orientation of a dowel rod may be incorrect. In my own experience, I have used soft pine dowel rods to act as a wood filler to restore a fastener hole, but I generally am using only dowels of perhaps 0.25-inch maximum. I use epoxy resin to seal the wood and as an adhesive to hold it in place in the laminate. I have also used just epoxy and filler to fill a fastener hole.
Radial cracks in the gel coat surrounding a fastener hole are a result of trying to force a self-taping threaded screw through the gel coat layer. Gel coat resin, particularly older resin, is very brittle and tends to crack when the pressure of a thread is trying to cut through. For this reason, you MUST relieve the hole diameter in the gel coat layer (and only the gel coat layer) to be larger than the screw shank and to just barely catch the largest thread, if at all. That method avoids cracking the gel coat.
When refitting new screw fasteners into repaired holes, I take care to drill a proper pilot hole, and then relieve the gel coat layer to a larger diameter. I typically use one new screw as a tap, threading it into all the new holes, very carefully and slowly, to cut the new threads. Then I removed that tapping screw and fit a new screw into the hole. The tapping screw head usually gets a bit worn in this process, and by re-fitting a fresh screw after the hole has been tapped, the new screw head is undamaged. The tapping screw tends to get rather hot in this process, and indication of how much thread cutting is going on. Also I don't pre-thread the hole to the ultimate depth; I leave a turn or so for the final screw to cut.