If it's really goopy it may not come out the bolt hole.
I vote for removing the cover, flushing, and inspecting before resealing the cover and refilling. Even if it does have a drain on the bottom, I would still want to take a look inside.

Grigg

•1951 GMC 250 in the Project Journals
•1948 Chevrolet 6400 - Detroit Diesel 4-53T - Roadranger 10 speed overdrive - 4 wheel disc brakes
•1952 Chevrolet 3800 pickup
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"First, get a clear notion of what you desire to accomplish, and then in all probability you will succeed in doing it..." -Henry Maudslay-