leaking transmission fluid-99 S80-T6

[hender40]

1999 S80 T6 turbo. 100,000 miles.
transmission dipstick shows excess fluid. I may have put too much in. There is a "cold" level full mark and a "hot" level mark. I'm reading 1/2" to 3/4 " beyond the hot level mark even when measured cold. This would clearly indicate too much fluid in system.

1) Could this result in excess fluid leaking out on my garage floor ?? Say when transmission is hot and I pull into my garage ??
2) Fluid is kind of red in color so I'm kind of assuming transmission fluid. Especially per above .
3) How can I drain fluid to proper level ?? where is a drain outlet or valve or ??

Don H in Fresno CA