you will need to drop the plate off the bottom of the frame to empty all the oil out, and you will need two gaskets (and a smear of blue Hylomar sealant) when you reassemble it all. Max oil level will be approx 1" from the filler hole. There should be a dipstick built in to the filler plug.
There is a plug in the bottom of the crankcase (at an angle, 3/4" approx hex) with a strainer attached, you will get a small quantity of oil out when you remove that - 1/4 pint approx. When you re-fill the oil tank and first run the engine the level in the tank will drop as the crankcase holds that initial 1/4 pint, so you'll need to top it up.
Oil out the exhaust port sounds bad, take a good look around and check if it isnt leaking from the rocker box and running around. Otherwise you should take the exhaust pipe off (need to take the whole system off

) and have a look into the exhaust port. I had that once when a valve guide broke, but it was obvious there was a problem from the noise it was making.
Not had white smoke out of mine (yet) black-ish indicates rich mixture, blue-ish if it is burning oil.