They would work, once.
then they would be pretty much worthless. Whats more, there is no way to retain them in the waste board
This is what i used, mine are 1/4-20.
I did put a counter sink in the back to recess the flat part into the back of the waste board. I also drilled the holes for the body of the nut to be snug to help with retention.
When I installed them, I used a bolt and washer with a socket on my cordless drill and pulled them into place from the top side of the waste board.
I'm happy with the result...