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That is the block coolant drain. If you leave it open all the coolant will drain out of the block and the radiator to that static level.
Make sure its closed, and that you have no drainage under use (it should have a coolant drain hose on it, that also ties into the brass drain on the bottom of...
Your machine lacks the quad fuse modification (addition of a fuse, inline of the voltage regulator). I would not run the machine again, till you have added the parts. If you look that phrase up by the search function here, you will find all the info you need.
That FU1 is the DC fuse, if its not seated and the connection is broken, you aren't getting the power from the alternator, down to charge the batteries.
Have you taken a multimeter to the pins on the back of the alternator, to see if you are getting 26-29V output?
Had a microburst tornado roll through an adjacent town and the southern tip of mine earlier tonight. Total mess, both towns are down... trees down everywhere, roof collapses, folks stuck.
802 is humming away while I make dinner.