If the block just has a hole for the dipstick tube,I'd use a peice of brakeline the right size ,drive it in and you can weld,braze,or fold over the end to seal it off...
If there is a peice of tube sticking out,how about using a compression fitting that'll fit over the tube,and a bolt in the other end of the compression fitting?..
That sealant sounds like good stuff,I bet J-B Waterweld putty is about the same stuff,it smells horrible too,like a home perm!..but it works great on most applications..
As for the small plug that may have fallen in the crankcase,maybe a magnetic oil drain plug would "catch" it,be better than having it get knocked around in there are possibly get wedged between a rod and crank counterweight or something..but after finding half a push rod and the "cups" from valve lifters stuck in the goo at the bottom of my '69 GTO's oil pan years ago,that had been there long before I owned it,maybe its not worth worrying about!..sticking a speaker magnet to the oil pan might work too..works on gas tanks to keep silty rust from clogging the filters constantly and gumming carbs up!..