The flywheel housing is 'after the crank rear seal', so if you have oil coming out of there, then you have a problem. The threaded hole might be for the wading plug. Make sure the oil is actually coming out of the hole, rather than running down from perhaps the sump/block seal. Bear in mind that as standard, there's no gasket, but RTV sealant between sump pan and block. Oil running down from higher up, such as rear of rocker cover, or breather pipe, may end-up dripping off from this same location.
Les.