yes the inner double hole cap gets unbolted from the tube (Colony makes the proper tool to insert) once up above the fork tube you hold the rod 'flats' and remove the cap from the rod assem.
sounds like someone snapped off the lower stud, I'd ebay a proper replacement or you may be looking at a future leaker... don't forget the little paper gasket on the way back AFTER cleaning 50 years of crude out of the lower legs.. 2 words here: PARTS BOOK