Hi, as Bubba mentioned, there is a 1/4" pipe plug on the passenger side, down just above the oil pan rail. I would be reluctant to touch it because after all these years you don't know if it will come out or not.
When I give the engine a good coolant flush I like to remove the lower radiator hose and run water into the thermostat outlet, or if I am not changing the thermostat, run water into the block from the heater hose, the one that does not go into the water pump. I flush the block a few times, until the water runs clear.
A while back I heard of using citric acid to clean out a cooling system. It was posted on the classicbroncos.com site. And it worked great! Add 1 lb. citric acid to a pot of water to dissolve. Put into empty radiator and fill with water. Run the engine for 20 minutes. Flush it out a couple of times and fill with antifreeze. So on my 66 Mustang the engine would run hot in the summer, not boil over, but too close for comfort. I cleaned out the cooling system with citric acid and now the temp gauge never shows near mid point.
Good luck