Clean Engine oil doesn't corrode- it's the stuff it picks up in the motor after circulating around a few thousand miles.
The thing with using a rubber piece here is the kind of rubber and it's compatibility with oil. Some rubber parts will swell in hot engine oil. If you're worried about the plug staying in place, maybe swelling might be a good thing....
For all following this thread, a company called Metrics Unlimited offers an M14x1.25 die. You could probably custom make a new plug bolt by getting an M14x1.5 bolt and running the die over the threads. Sure, in some areas the threads will look all crossed as the die cuts through the existing threads, but since the pitches are so close, this should be minimal and this bolt only acts as a plug, and doesn't really retain any kind of significant load.