Hi,
The drain plug is opposite side from the outlet hose, same location on the tank, just a mirror image location. But, you'll probably find it's very securely rust/welded to the tank if it's never been removed before now. Trying to remove it would very likely break the solder that holds the bung into the bottom of the tank.
So I'd still think draining from with the outlet hose would be as easy or easier and the idea to remove as much gas as possible with a pump or siphon is a very good one.
Be careful while disconnecting any of the threaded fittings from the tank (drain plug, breather pipe, outlet). All those mountings are soldered in place and the solder is easily cracked.
While removing the fuel level sensor/float, one possible upgrade is to add the "anti-rattle" that was on later cars, if yours is earlier and doesn't have it. It's not much more than a rubber band that goes around the float of the sensor. But, it does the trick and stops the float from rattling (much) against the side of the tank in extreme situations. Several of the TR vendors show the part in their catalogs.
Are you planning to clean and seal the tank, while it's out?
Alan Myers
San Jose, Calif.
'62 TR4 CT17602L