clutch inspection plate

Hi all, I am new to this forum. I have a 1962 Allis Chalmer D 14. Today when driving it, I noticed some smoke coming from in front of my feet. I shut him down and got down to look. There appears to be an open hole about the size of a half dollar on what I believe is the clutch housing.Can you tell yet I'm not a mechanic?
It is on the right side below and between the oil filter and the starter( I know those parts). I am thinking this is the inspection plate???
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that hole exposes the side of flywheel, for timing marks. any smoke from there is probably slipping clutch, release bearing, etc.
 

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