Freeze plug quick fix??

So, I was at the track on Saturday, warmed up the car and made a time run. Got back to the pit, grabbing a drink and noticed water dripping out from under my oil pan....long story short, I have a leaking freeze plug (and my racing was done).

I know the proper fix would be pull the motor and replace the plug(s), but has anyone tried the rubber compression plugs as a temp fix (see example pic below)? I think I can reach it well enough to knock the old plug out and insert the compression plug, but I don't think there is room to hammer in a new plug with the engine in the car. I was just trying to not pull the engine till the off season if I can help it.

I was also not sure how well these hold up. My water pump is a constant speed Moroso water pump drive, and I don't let the car go over 200°F, 16lbs radiator cap.

What do you think? Is this a dumb idea?
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