i would not suggest buying a torque wrench to do the drain plug ...just that when you put it back on just to snug it down ( not overlly tight you'll strip it ! ) you just want the plug to be on good enough not to come back out but not so tight that it takes a cheater bar to do the work you know what i mean ?!
the plug should be ok i mean if there are no leaks comeing from the plug area only ( and not from a oil leak up top that is leaking down onto the plug ) ....look at the plug at the threaded section near the head of the bolt ...see a rubber type washer? make sure it's not torn or worn down ...if it is just replace it ...drain plugs are like $5 at any auto parts store ...cheap insurance.
low on oil ? it ran fine before right ?at how many hours or minutes you ran it ? then the oil yes is low but will be fine for changeing purpose's ...just dont rev the engine to terribly much tho low oil is not good especiality below the low mark .just run the engine at idle for 5-10 minutes then change your oil .will take 5 quarts with a filter change .make sure you buy a filter like motorcraft or k&n or mobile 1 oil filters ...they use a anti drain back valve in them much better than other cheap filters ( please no comments every one on this subject ) .also when you take the old filter off make sure the rubber oring thats on the filter comes off as well ..reason i say this is that with age and heat they can stick on the engine and if your not paying attention you can install the new filter on the block with the ring still on there and not make a good seal or not want to even thread at all .then when you got the filter on just hand tighten it DO NOT CRANK IT DOWN ,if you do you'll be sorry next time it has to be replaced ...just snug it down .
one other thing that you may want to do / try is to install a drain plug valve .this replaces the drain plug and makes oil changes a breeze .sorry i don't know the name of it but i think lmc.com sells them .
good luck .