I wouldn't recommend it, for all the reasons listed above. If you already have damaged oil plug threads, the only right way to repair them IMO is a complete engine teardown, to avoid metal shavings getting inside the engine.
I have never used a torque wrench on oil drain plugs. I prefer to do it by feel. Of course, not everyone has a good sense of feel for things like that. I've been doing it all my life, but I'm sure I had to develop it to begin with.
Safety wire is a good idea. I have never raced motorcycles, other than dirt bikes, but I have done a lot of drag racing in cars, and always safety wired the oil drain plug. NHRA requires it.
I have also used sealant on oil drain plugs, usually Permatex #2. The biggest issue is getting all the oil off the threads in the engine. Also only put it on the plug, not on the internal threads in the engine, or the plug will push it up into the engine where it can plug something up.
I have also had a couple of old bikes with stripped threads in the oil drain hole. Rather than trying to retap the threads or screw in a bigger plug, which could have gotten metal into the engine, I used rubber expansion plugs. There was enough thread left to hold them in place when the compression nut was tightened. Wouldn't recommend it on a nice bike.