Many thanks...
I have a 2004 Mustang GT. I also stripped the oil pan drain bolt. I came here from a Google search, and read the advice.
I decided to go with the oversized oil pan bolt solution (less than $4). I took a bit of time to remove the stripped bolt. And I did not get the oversized bolt on quite right - it resulted in a bit of a leak (not a gusher - more like drip, drip, drip).
I then had a friend help me - I thiought we would need a big re-tapping job, and he knew how to do this. However, my friend took a look and removed, then re-installed, the oversized bolt. He thought I originally installed it incorrectly. He said it was not a matter of having installed it at something other than 90 degrees to the oil pan surface (which is what I thought was the problem). More likely that I did not tighten it quite enough (understandable, since I did not want to create another stripped bolt problem).
He just removed it, re-installed it (tightening it a bit more), and it sealed perfectly.
The only other issue could be metal shards created in this process. I went in to the hole with a magnetic screwdriver, and managed to remove quite a few shards. This took some time - I kept removing shards until all I could find were very small bits (i.e. smaller than a grain of salt). Then I flushed the entire engine by pouring about 10 quarts of new motor oil into the engine, with the drain bolt out. Then I sealed it up, put on a new filter (Fram), put in the proper oil - Mobil 1 synthetic 20W 50 (as per manufacturer reccomendations) - and that was it.
I have run the car about 200 miles since then, and the oil pressure needle is exactly where it should be - it has not moved. All seems well. However, I will take the advice of one of the posters here and put a few rare earth magnets on the pan (near the drain hole) and on the oil filter as well.
Many thanks for all the advice - your help here enabled me to keep a potentially large problem to a managemable size.
Many thanks again...