KenS,
A conundrum, to be sure. There is no telling how that bushing has been placed in the camera; perhaps like a reversed mushroom with the parasol top between layers of the wood. So just yanking it out may lead to serious problems. Were it mine (and no brilliant solutions were to come to me in middle of night) I would use a drill press to drill out the metal; starting with a five eights bit just bigger than the quarter inch thread. I would then look to see what I up up against. I can see, then figuring out a way to remove the remainder of the bushing. I might then cut a piece of new maple as a plug to glue into the spot--afixing one of those drive in things you mentioned into the plug before using a professional grade wood glue to glue the whole assemblage back in to the hole. Or not.