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The threads in the pan will strip before the threads on the plug will.
If this was mine I would remove the pan and have a machine shop install a thread insert.
Being a machinist I install and prepare holes for thread inserts.The main thing is you want is a stable set up so the the part is held ridgid and the hole is drilled and tapped straight.Also there must be a good surface for the O-ring.
Doing this with a hand drill with the pan on the bike is not such a great idea IMO.
I would first remove the old drain plug. Get a new drain plug and a bolt with the same thread size/pitch and chase the threads on the pan with the bolt and some motor oil. You will be able to tell if the threads are stripped by doing this. If they are, remove the pan and helicoil like stated above. If slightly stripped but useable reinstall the new plug using white loctite hydraulic sealer (autozone) and a new o-ring. Torque to middle of the factory torque spec. Let the loctite set for an hour before adding oil back in. See if that does it.
Then use a 85w140 synthetic gear oil like Mobil1 (autozone) that you can run 20,000 miles so you don't have to mess with the drain that much.
I done the same thing with a broke torque wrench. Stripped the threads in the pan. I just replaced the pan. $120 for the new pan and about two hours of labor. If by chance you decide to install or remove the pan you may need a good set of ball head allen wrenches. Changed the pan because I do not like heli-coils. They are okay but I have had problems with them in the past.
i would consider taking drain plug out and going to NAPA auto parts..they will measure thread/size...consider purchase of self cutting piggy back drain plug or plain/magnetic oversize plug....i would then see if you are able to pull out loose broken threads with old drain plug (screw in/out a few times)..run the oil thru it to flush some shavings with-out running motor..place "new" plug = piggy back oversize or regular oversize..run it a bit and drain/replace oil one more time..*the new drain plug will require different washer..Buy several "cheap" for future service needs...about $20 fix with oils washers and very little D.I.Y labor...as far as torque values: the 14 to 21 ft lbs comes along real quick and it is very easy to strip again..i now finger tight then quarter turn.
stripped mine a while back and completed above..worked well for me...no leaks...i used a one time oversize self tapping magnetic drain plug..NAPA..
**alternative- there are a lot of threads in the trans. drain hole you could get a longer bolt with original thread and pitch..one forum user reported using a pilot tip oil drain plug.
***another alternative is to re-thread the pan to a larger plug..
i am considering changing mine to the piggy back model after next oil change
I agree with Oldairboater. For $120.00 I would change the oil pan. In order to do the helicoil properly you will have to remove it. I will say there is a lot of good info in this post.
Some good ideas here including heli-coil, oversize plug, etc. After 12 years, 50k miles, and about 25 oil changes, every one made by using a torque wrench to tighten the oil drain plug, the threads finally stripped on my '95RK. With no time for a proper fix with a trip coming up, I used a self-tapping, over-size plug from NAPA which I carefully installed to get plumb to the case because that's where the seal is made. I didn't get her quite right but it still held without leaking (I also put a safety wire on it) thanks to some sealant under the plug head. I rod about 300 miles like this with no problem but I didn't consider it a permanent fix and oil is the blood of the engine so I didn't want that plug falling out at 75mph. To fix it correctly would require removal of the pan whether the fix being a heli-coil or an over-size plug because both of these fixes require tapping the pan and you've got to get that done exactly perpendicular to the flat around the drain hole if you want it to not leak. Since the pan had to be removed and that was where most of the labor is, I just put a new pan on. The pan from HD was about $125 last summer as I recall. I'd do it again the same way because I know that new pan is better than a heli-coil when it comes to making a good seal.
Pete
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Change o-rings and apply teflon tape/cream. Do not over torque.
If you have just a drip or two......I'd wait til next fluid change. If you did damage threads......you will have to determine whether larger plugs or heli coils are needed.
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