Drill out a hole the size of a nut and epoxy
a nut (or two) in place - you wax the bolt so it doesn't stick to the epoxy
. Check out the West System publications, 002-550 might be the one that explains how to do this, GordMay posted a hot link above.
BTW, epoxy doesn't thread that well, it is surprisingly soft. I have a few places on my boat where I have tapped it and it is holding the bolts just fine, but none of those bolts is under any mechanical stress. Your option #2 would be much stronger - epoxy has great compressive strength so you will need to pre-drill a hole for your screw almost as big as the screw - use the bit size recommended for hardwoods.
Personally, I wouldn't trust either of those ways for cheek blocks or fair leads, I suggest embedding a nut, which I don't think is strong enough for your size boat either - depends on the type of conditions you sail in, but if it breaks out while you are sailing it shouldn't be any big disaster unless someone is in the way and gets hit by the hardware
- that would really suck.