If by your picture you mean the blurry bolt just behind (towards firewall) the dipstick...
Then yes that is the engine water jacket drain.
But my preferred method to drain coolant before that one is to syphon header tank into bucket. Remove 3/4in hose from bottom of header tank, covering with thumb. Move bucket under engine, pass the hose down into the bucket. Remove bung from engine and wait. Then once coolant stops remove the engine plug to drain the block.
This way with a clean bucket you can catch nearly all the coolant if you per se needed to re-use it after the annoying process of doing a refill and then finding a leak!
Oh and the clunk. Check you bushes and especially the A-frame pivot before pulling a diff.
S
				
			 
			
		 
			
				
			
			
				'95 130 dual cab fender (gone to a better universe)
'10 130 dual cab fender (getting to know it's neurons)
			
			
		 
	
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