There were some oil drips along the underside of the oil pan just below the oil plug. When I pulled the 1-1/8" oil plug, I found a thin silver metal washer, what looks like the remnants of an o-ring and copper washer on the plug. The oil pan, head of the plug and the outer edge of the metal washer was painted red, Now on the plug itself just under the plug head and the last thread on the plug is a recessed area that looks like an o-ring could possibly go there. My question is what should go between the oil plug and the oil pan to stop leaks? Is there a preferred part like rubber o-ring, plastic washer or metal washer or a combination of these?

I also plan to use Valveline VR-1 10W-30 racing oil for the zinc content. Is this a good idea?

Thanks in advance for any help.

I’ve been using Valvoline VR1 20W-50 for years in my 312; as far as the oil pan drain plug mine has a plastic O ring/washer. I got it from CASCO years ago, NAPA probably can get one.

1955 312 T-Bird Warwick, NY

Check here.

https://540ratblog.wordpress.com/

I’ve used nylon, aluminum, and copper washers and all were good. I liked copper the best. I use them twice and then throw away. I took the time to epoxy a magnet on the drain plug like many modern cars. I scratched both surfaces and used JB Weld. 

56 Vic, B'Ville 200 MPH Club Member, So Cal.

I must say that Cliff posted a link to some rather interesting reading, at least in my opinion. 

64F100 57FAIRLANE500

As a reply to Cliffs information on 5-20 oil.. I own the dreaded 2018 Ford F-150 with the 5.0 V8 which went to the plasma cylinder walls. After 10,000 miles I went thru 2 Ford authorized oil consumption tests which had a limit established by them of 1qt for 3000 miles. Both times the engine used slightly less than 1qt of the MotorCraft semi-synthetic recommended 5-20 which had exclusively used in the engine. At 25000 miles I changed the oil to MotorCraft 5-30 semi-synthetic and now have 34000 mile on the engine with negligible oil use. I had read on Ford Pickup forums that the oil weight change could lower the use of oil in these engines and felt it was a good option. I also saw no difference in fuel consumption. 

56 Vic, B'Ville 200 MPH Club Member, So Cal.

I think oil consumption & gas millage are minor factors compared to engine wear (?).  Of course, modern engines are so well made, you could likely fill the crankcase with RedBull, and it would still probably outlast the body/chassis (obsolescence).
Re: the ‘RATBLOG’:  He made me aware that oil is a coolant, and thus circulation is more important than pressure.  Chemical content is also irrelevant, if it best prevents wear.

6 VOLTS/POS. GRD. NW INDIANA