I followed this most useful Vimeo video on the subject:
http://vimeo.com/20618680
Henway, I pulled the drain plug, and unscrewed the screen filter. Yes, there was gunk and a few metal filings in the screen which a few shots of carb cleaner took care of.


Next I removed the oil filter cover and the filter. The cover was stuck, and a few love taps from a large handled screwdriver helped loosen it a bit. The filter had a number of goobers on it, but no metal bits which made me happy:

Once it was all drained, I cleaned everything up, inserted a new filter and closed her up:

Of course, I dropped a lock washer in the oil, but my magnetic finder found it!

Again, the oil was dirty, but no metal bits or sparkles, which is a good thing.
I then added oil using a neato bent tipped squirt bottle thingy I picked up at a beauty supply store. Then I cranked her over a few times and topped off the oil. After a final check on bolt tightness and last look for leaks, I started the Stella up and ran her for a minute or two, rechecked the oil level, and added another 30ml or so.
Finally I put the rear wheel back on, started her up and ran her for 5 minutes or so then gave a final check. Oil level was A-OK, so I was done for the day. Next comes the carb and jet service...