By all means, TRY the oversize oil drain plug FIRST!
If it works, you have a low-cost PERMANENT repair. I have myself experienced "miracle cures" with a tapered, self-tapping oversize oil drain plug.
If it DOESN'T work, then . . . you're no worse now than you were (except for a few dollars); you can then approach other strategies (inserts/drilling-and-tapping larger/welding/etc.).
From your description of the situation; sounds ideal for an oversize oil drain plug repair.
A small detail, of little significance given the low dollar amount involved: The price quoted for the oversize plug and gasket appears somewhat excessive to me. You might check with your local automotive parts and accessories stores for a lower-cost alternative. The, "1.5" pitch might be hard to locate; I think 1.25 is more common. Regardless, you do well to follow suit with OEM pitch for the replacement plug.
Last edited by Damocles; 08-06-2018 at 06:17 PM.