The switch is in the bottom so I'm guessing yes to the oil question. It won't drain a lot since most is in the sump but you'll surely get more than you think, like maybe three or four tablespoons...a drain pan is going to handy when you pull the switch.

A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort. Herm Albright (1876 - 1944)