Your idea is a good one for a temporary fix. Another option is to drain the oil, flush it real well with a flushing agent, and leave the plug out until you do this: mix up some JB Weld, wrap a rag around your finger and stick your finger inside the drain hole and cover the damaged area from inside. Now apply the JB Weld on the outside, and keep your finger inside until the JB Weld sets (a few minutes). I've fixed alot of stuff that others said couldn't be fixed with JB Weld. It's only a temporary fix mind you, but it works wonders and you won't have a screw head sticking out the bottom of your pan. You can get JB Weld almost anywhere...hardware stores, etc.