You should get the bung and all the sealant out clean it allup and see what your left with, before deciding what to do, as it looks like it's eating/spreading in to the floor
It probably twisted 25 years ago, but the whole blobby mass will just prise off with a screwdriver these days.
The plug was put in from the factory as a drain plug when the body was dipped. These days you can do an OEM repair with a new plug, or a cheap-but-sturdy job of welding in a square plate.