I got a replacement plug from AutoZone last night, $1.69 it was M12 X 1.5 and has a magnet to catch metal flotsam.
Permatex (Loctite) makes a thread restorer product that is an epoxy to create new threads, I think Permatex could make this work if anyone could. You could use this with a drain valve to reduce the possibility of stripping it in future oil changes.

Good luck!
-Tom

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RIP "Betsy" (Oo=*=oO)
'96 E 3 2 0 (W 2 1 0) M 1 0 4 (Totalled)
Spaces in sig so as not to screw up the SEARCH; every time someone searches for that MB they don't want my sig!

2004 Audi A8L
'98 VW Passat 1.8T 5M
'87 Alfa Romeo Milano 2.5L 5M
'67 Impala convertible, 327cid