I have used small 0-rings under the grip screws on 1911's for years with success.
However, I recently purchased a CZ Custom Shadow and the grip screws were coming loose. So i installed O-rings under the screws. But because the Shadow has very thin aluminum grips, the O-ring under the screws do not allow the screw to tighten enough. As a result, the screw heads are "proud" and stick out just a bit. Enough that I can actually feel them touching the insides of my hands when shooting.
So I recently removed the O-rings and added a bit of blue Loctite to the screw threads. We'll see how that works at the match I shoot tomorrow evening.
I have used blue Loctite on screws to mount scope rings on rifles and Trijicon RMR red dot sights on pistols in the past, and it has worked great and still has allowed me to remove the optics without excessive effort. Be sure you don't use red Loctite for this application!