I tried to change oil for the first time on newly acquired 93 3.0 standard, and come to find out at that the drain hole is stripped, so the bolt just continues to turn.

As far as I understand, there are two options:

1. Replace the oil pan (involves lifting the engine??)
2. Re-thread the hole to a larger size bolt.

I'm leaning toward #2, obviously. I guess the current plug is M14 x 1.5, so it seems like I could use the item below to accomplish this?

 

Units like these work as well: https://images.saymedia-content.com/...sy-repair.webp

Larger bolt is self threading
It stays on the oil pan once installed
Smaller bolt is now the drain plug

 

Fantastic, I knew there had to be an Option #3. Thank you.

 

Consider swapping in a Fumoto OilDrainValvereplacing the OilDrainBolt during next OilChange; they come in various Thread sizes;
a short piece of clear hose on valves hose barb into a recycle oil jug, makes for easy+quick no mess oil changes;
after doing the swap, won't even need a wrench & no worry about stripped Drain threads.