I would not do it. I would go ahead and change the pan and gasket. I just had this EXACT problem with my son's 99 Silverado. He just got the truck so we went to change the oil and saw that it had a wierd rubber plug in place of the factory plug. I couldn't figure out how to remove it and apparently broke it in the process. So we're sitting here trying to figure out what to do and I remember a YouTube video I saw a while back from "Eric the Car Guy". He explained that most vehicle have an oil plug that's actually shorter than the threaded hole. I shined a flashlight in the hole and sure enough, only the first inch or so of the threads were all shredded up. So I'm searching all through my tool chest looking for bolts, and I found a brake caliper bolt. I lost a bolt for my rear brake caliper bracket a while back and I bought a new one, but the new ones come in pairs. I compared it to the oil pan and it looked like the right size so I threaded it in. It fit perfectly! It's the same exact thread pitch as the stock oil pan plug, but it's about an inch longer. So I made a washer/gasket for it out of plastic, and although it was only supposed to be a temporary fix, it's been on there for the last 7 months now.
However, we do plan on changing the oil pan since the gasket is leaking anyways. The makeshift drain plug will stay until I help him replace the oil pan.