If you have a new cam plug it should stop on a lip in the block, before it comes close to hitting the cam. The Ford TA-31 diesel sealer should be fine to seal it, because there really shouldn't be much pressure at the plug, but having said that I have had them pop out. I've put mechanical stops there in the past, drilling and tapping a couple of 8-32 holes on either side of the hole boss and using some short screws and either washers or a strap to keep the plug in place. Almost nobody does stuff like that, but after you've had one pop out you take precautions...