Buell recommends using a Locktite thread sealer on their drain plugs. I think that the number is 535.
If I remember right, the new drain plug that I bought for my EG (I thought that my magnet was awful weak - so was the new one) had a thread sealer on it as well as the O-ring.
Us JB-Weld?? Just kidding that's a diff thread. I use new orings on mine when putting it back in, no issues yet, if I did see seapage I will use the teflon tape, good luck.
I always use a little pipe dope...not sure what brand it is but its what plumbers use...never had a drip anywhere...been using this for 15 years since i had a Yamaha that had a drip and some old timer told me to use this...
why do you think the case is stripped? does the plug keep turning when you tighten it to specs?.if it doesnt then you should be ok with using tape. maybe the plug seat has some dirt on it. if it does keep spinning , the tape isnt going to help you. id try running a tap in the case to try to clean up the threads.and if that doesnt help, i would not ride it till it gets fixed. there are thread repair kits out there all different sizes...