I noticed that the hose from the reservoir to the top post (where the rad cap is ) is cracked. In my logic it would be alright to drive for a bit as long as the main loop still has coolant right?

I am new to mechanics so bare wsith me. Now the other thing. The drain for the coolant, that is the bolt at the bottom of the cylender. ?

if your sitting at home, I would be replacing it before I took a ride,,, in all honesty, the reservoir should be at the highest point and by holding something under it to catch the overflow, you should be able to drain it only,,, replace the hose, then refill the reservoir.