You got that right...but, here are some thoughts from someone that ran a 460cid Ford Jet boat for nearly 20 years...with a Dooley pan, 14 qt capacity...hi lift Isky cam, etc...toys!
You need to have your oil warm, very warm to hot even for such methods to have any chance of working "near" correct...Cold oil will not "flow" very well, specially in very small tubes, like the 1/4" you are most likely using down the dip stick hole...
Cut the end of that suction tube at about 30 deg...so you can't "suck it down" on the pan bottom...and it should just "touch the pan, not be bowed out into the pan cavity at the bottom, if possible... IF YOU HAVE SOME HYBRID OPENING, WHERE A BIGGER TUBE WILL FIT, USE IT BY ALL MEANS...it will work about 200% better if you can use 5/16" or 3/8" tubing!!!... AND:::
Remember to try and position the boat (on a trailer I am guessing) so that "spot" below the dip stick tube is "LOWER" than any other...block the tires, elevate the trailer nose/hitch, etc...use the street curb...be creative. IF you are in the water...be careful...there are all sorts of ****'s out there looking for an "oil spill" in the harbors these days...same goes for pumping your bilges when cleaning up, eh?... We always grabbed the dish washing soap after such operations, shot a bunch down there and added some fresh water, say 3 or 4 gal, and hauled out...drove around the parking lot a couple of times and pulled the plugs...hosed out with fresh water when we got home, before parking the boat...flushed the engine then too.
As for "some" being left...as long as you get 80% or more...you'll be OK...BUT, remember to change your oil more often than just once per year...think "operating hours"...Think 50 hr max between changes and you'll be OK...more often IF you push things to the max, power wise... ALWAYS change the filter and clean out your fuel filter at each LOF change. Check any buddy bearings on your trailer wheels then too...For ANY marine usage, I would suggest a heavier weight of oil...say a 20W50, rather than some 5W30 or 10W30...even a plain 30wt...IF it has the API ring on it and says at least an SJ or SM rating...long hi-throttle runs will tend to shear thin lighter wt oils, unless you have some very cold water for cooling, or can adjust high flow rates in warmer water...ALSO..big block engines will always tend to "use some oil", like a quart or 2 per 30-50 hours ... I would NOT suggest the use of any special, pure synthetic PAO based oils in such an application, due to that shear thining issue again...any thick syn/PAO oil will still need changing just as often...ergo, no savings like on a "constant temp" application like on a car..with a radiator, etc..
Good luck,
God Bless
Mel