Just for info, and I'm no fazer guru, but I have replaced that lower pipe which goes into the block ;the small spigot pipe joint was literally rotted through.
Drain the oil, drain the coolant and move the bike around a bit to be sure you get all the coolant out of that pipe and the water pump, then you don't need to drop the sump, UNLESS the o ring doesn't come out with the pipe 😩. Pull the pipe out slowly, push it in a bit a couple of times and hopefully the o ring WILL come out.
You DEFINITELY need a new genuine yam o ring for that pipe when putting it back into the block and the water pump. Clean everything, especially the block opening, put the o ring onto the pipe up to the moulded shoulder, lightly grease the o ring and carefully feed back in. It will need pressure for the last 5 mm as the o ring seals.
Sadly, the pipe is too long into the block to be removed/installed with the headers on .
Good luck , I got the header nuts/studs out with a welding torch but go carefully.
Hope this helps if you need to replace that pipe. 👍