That's one way to do it, I suppose. I would go to the junk yard and pull one, or shave down the tapered plug you mentioned to have more clearance, or just get a price of plexy glass cut it round and rtv the edge of that. I personally would rather have plastic only around it, not sure if any could be had but what damage could happen if it came loose? Plastic will not cause the damage a metal washer would. Or if the job weld broke off and into the bell housing? Just thoughts.
2001 ZX3 Zetec - Rebuild "The TICK" (
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2004 ZX5 SVT - Restoration "Code Name Rocket" (http://www.focusfanatics.com/forum/showthread.php?t=722698&referrerid=62897)