hi dram - i have a '72 750 with an acid battery. there's an overflow spigot in the top of the battery and i position the battery so that the spigot is towards the front of the bike. i take the overflow tube and stuff it down the front side of the battery case and lead it down towards the ground. you'll then come to a cutout in the frame in front of the rear tire that also contains the carb overflow tubes. i make sure that the battery overflow tube is fairly long and won't drip on any frame member. good luck! and yes, the liquid is a mixture of battery acid and distilled water (not tap water) and if your drain tube is long enough you won't drip on anything important like wires or paint. my battery is a sears diehard lawnmower unit that comes with a long drain tube.
frank