You don't say, but the picture looks like a K-series engine. If so, your mainbearings sit in what looks like a big windage tray. That makes it a lot better as far as the crank making foam out of the oil. I think you're probably OK with that oil level. If you're comfortable draining a bit out, go for it. If not, don't sweat it too much.

 

I went with my gut and drained some it. While I didn't measure it I would say it was 1/2 to 3/4 quart. I pulled the drain plug and counted to 5 the first time, plus the oil that came out while trying to put the drain plug back in. Now its at the top circle and I feel MUCH better.

 

winner, practical guy.