You are correct, the two plugs you removed are both drain plugs for the trannsmission and rearend assembly. The vast majority of the oil is drained out of the rear plug, while the front plug is for draining the small amount of oil held in a small depression at the front of the transmission. When the oil is up to the plug by the clutch pedal, then it is full. The tranny/rearend holds 6 gallons. The belly pump holds 6 quarts, there is level check for the belly pump, if it is empty, just add 6 quarts and it will be full. It is probably low because the pump seal leaks.
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