There has been a few here & there but I don’t personally know anyone who had a problem with the “lock”. If I had to guess I’d say probably 99.999% of the people with the “locked” Smiths haven’t had a problem.
Myself, I wouldn’t use red locktite but I would purchase the plug for $25.00. Here’s a picture of what the “plug” looks like on a 500 Smith. If you go that route purchase two (2) cotter pins for that plug.