I did a search but couldn't find the answer. Do I need to let ALL of the oil come out of the drain pan or is it ok to close it up while there is still some oil leaking out every 10 or so seconds

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W126 1983 300SD 286,000 miles and ticking
Baby blue exterior Grey MB tex
Recent work:
Replaced air cleaner mounting brackets and heat shields
Replaced alternator, fan and power steering belts
Replaced positive battery terminal
Replaced negative battery terminal and cord
New Duralast Battery

My car needs work.