RE1,
That's how I check mine. I keep it right in the center between L and H. When it starts to migrate toward L, I put in no more than 1 ounce at a time to bring it back to center. Sometimes it takes 2 ounces as measured on the oil bottle graduated side indicator.
I check it EVERYTIME before I ride on a new day. About half the time it doesn't need any oil - on real hot days is when it seems to use a little.
There is a lot of heat radiating off that single cylinder jug and heat equates to energy conversion. It's almost as if it should put out more horsepower than rated. The cam timing, exhaust and intake restriction limits the RPM, but torque is readily apparent.
The classic hemi-head and valve angle of the iron Bullet engine seems better suited for free breathing than the narrow valve angle Electra engine - in my intuition. The Electra is for emissions control - you guys already know this!!
Regards, Foggy