Tim,

That plug is in a hole that for some reason goes into the internal oil lubrication journal that I think feeds the rocker arm assembly (oil comes up to the head from the cam lubrication journal in a small diameter tube behind the push-rod side cover.

There is no need to be concerned about that plug, unless oil is leaking around it.

I think that some people have reported interesting (odd?) oil filter plumbing in which someone ran one of the oil filter canister lines from the other side of the engine to that hole.

Tim