Yes, the trans/power steering fluid level is checked with the dipstick behind the upright on top of the differential. Use Dextron 3, not the new synthetic Dextron. Check running/warm in neutral.

As far as bleeding- once the fluid level is correct the system should self bleed- just slightly turn the steering wheel left to right repeatedly until you can feel the power assist coming back. You may have to increase the engine rpm initially, but do this sparingly because, as I previously mentioned, you can ruin the P/S pump if it's run dry for a period of time.