AH Haa! It could be the Dryseal plug..., I really appreciate the help guys. I will see if I can find any reference to it in the service manual I have at home. I was pretty sure that I could remove it without a problem, but I didn't want it to be securing something in the crankcase that might bust loose and become a floater in the engine!!
Tassie, the plug I am looking at is within the oval barrel and is roughly 1-1.5 cm in diameter, it is a chrome allen head just above the oil pan on the right side of the crankcase. I think it fits a 7 or 8 mm allen head.
I called the Triumph dealer here in town and described the location and description to him,......he said "I have no idea without seeing it."
Thanks guys. E