Best way to fix this table leg?

[bloodiedathame]

I'm a bit stumped as to the best way of fixing this.

What's happened is the insert nut in the main pillar has ended up going too far in, meaning the bit of metal that screwed into it goes too far in, and the grub screw that holds it in place totally misses it and we get a wobbly leg.

I could take out the insert nut, drill the hole out larger, glue in some dowelling and remake it but wondered if there was a better option.

Pics here.

 

[TBirdUK]

I'd take out the insert nut, then epoxy it in the correct place with resin glue, making sure you put some dowell behind it to stop it being pushed in.