The drain bolt boss isn’t particularly strong. Make sure you have a decent crush washer and don’t reef on the drain bolt. It’s a candidate for torque wrench use IMHO.
Not too tight, certainly
Not too loose, certainly.
I busted one in my youth, the weld repair didn’t take.
The round plug, I believe, is to facilitate shift fork placement during engine assembly. I have never seen one out, theres no oring sized for it that I’m aware of.