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This is pretty ticklish attempting to do it on an assembled engine. One missed chip or shaving from threading and you run the chance of damaging a crank journal, or lifter bore. I'd be inclined to attempt to seal the leaking plug by replacing it only and modify for threaded plugs next time it's out of the car and apart.
Just my 2 cents.
Rick
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Rick
As you slide down the Banister of Life, may the splinters never be pointing the wrong way 
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