That's what me and a buddy used on mine. Worked like a charm and I'm still using the bolt. It wasn't rounded beforehand but we didn't want to take any chances

 

I've gone through 4 bolts now, and finally got smart and took it to Oreilly's and bought an oil plug with the same thread size. I can get the part# tomorrow if you want.

As far as removing the old one, easy. Remove the pan. Drill a small hole into the outer part of the damaged bolt, but don't go all the way through or you will damage the pan obviously. Stick a punch into the hole. Get a metal hammer, put your knees on the pan, and smack the hell out of it several times counter clockwise and it will break loose. You have to really hit it hard for it to work, so make sure the punch has a good bite into the hole you made. I would give credit to the guy on here who taught me this trick, but I forgot who it was.