The weep hole normally drilled for the slave is higher up. Look above the cross section of the swing arm and the cross tube, you will see two hoses going to the slave. The hole should be drilled at the bottom of the protrusion that the slave is mounted into.
There is an excellent video series on drilling the slave weep hole, divided into three parts. I believe it is the center part that shows the drilling location. Perhaps watching the video will help guide you to where to look for the hole as well as give you a feel for the process.
Additionally, others have also drilled a hole in the lowest part of the intermediate housing. See BlauBeeMr's write-up of of the clutch/seal replacement process for more info.
Finally, the intermediate housing is black on some models. I believe they may have switched to silver in later years.