Thanks! That's what I thought but just wanted to get confirmation. Yes, the hose is connected as you describe.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 the radiator, and to the overflow nipple on the coolant catch can).
Letting the blue gasket maker cure then I'll advance forward.
Appreciate all the help!