You should not need sealant if you have the crush washer in place. Many times the crush washer gets lost in the oil pan and the previous owners never knew it was there. Hence, leaking oil drain plug. Keep in mind I am speaking in terms of the CB750 so I am just assuming your drain plug is the same style. I was not sure of the year, but the CB500 parts finder I looked at shows there should be a crush washer there.