It will flow out of a hose on the left side if I recall correctly. Just put a pair of vice grips on it or have a fuel can ready to catch it.
Correct, but fuel will flow out both fuel lines. You have the fuel line from the pump to the fuel rail that is pressurized and very hard to clamp down cleanly and securely. If in doubt, drain the tank. Takes a 17mm wrench to break free the nut. Do not lose either washer!
The fuel line on the left side is the return line from the fuel rail back to the tank. Just move the hose clamp and push the hose off the plumbing. A screwdriver works good, don't worry the rubber is thick enough to take it.
I've swapped tanks 4-5 times now so I have it down to an art (just ask Andrew,mdtoney, Google, or osiris lol) Do the tank removal in this order:
Make sure bike and all electronics are off and remove headlight fuse (thanks osiris for this great idea!)
Loosen tank hinge bolt(do not remove!)
Push tank to the rear so you clear rubber grommets
Prop tank up with something stable from the back bone. Just enough to clear the grounding wire bolt on the frame
Remove bolt holding grounding wire
Prop tank up further but keep it stable
Open the gas cap with key and then put key back into ignition
Put a rag under fuel line connection at the fuel rail and break the 17mm nut loose only, do not remove just yet
Have fuel can nearby (make sure it is large enough to hold all the fuel that needs to be drained)
Remove nut by hand and ensure you don't lose the washer
Push tank forward slightly to give the fuel line some slack, pop it off the fuel rail and quickly stuff it into the gas can neck
Turn ignition on and use the stop/run switch to prime fuel pump, effectively using the fuel pump to drain the tank. Otherwise you'll be waiting several hours for gravity to do it's work(and even then not very well).
When the pump can't move any more fuel, the pump will sound different, only run it once or twice once the sound starts to change otherwise you'll burn it up
Now move left side hose clamp and push/pull hose off of plumbing
Pull venting hoses from plumbing on underside of tank
Unplug fuel pump from harness
Unless you have extra hands, do not pull the hinge bolt. Instead, undo the two bolts holding the tank to the hinge (when installing tank, take hinge off of frame and install it on tank before installing the tank itself)
Have a beer because you are done.