Had too much oil in it, so i drained it and refilled to spec. Started her up...in less than 10 seconds "POP" and oil comes pouring out of a gaping hole in the oil filter cover. WTF!? I'm about to part this MFer out.

10 minutes of profuse swearing and i went right online to a- make this post b - hit up bike bandit. $40 later this SOB better be running by Friday or you can all have a shot at parts. I understand its an older bike but for christs sake. What if I were on the road as opposed to in my driveway? I'd driven right through the oil puddle and probably be dead. The next bike I own is going to be built from absolute scratch by ME. I will not trust profit minded companies to cut any corner what so ever. Pores in the aluminum? Should've used steel. Now i seriously have to consider tearing the bike down to every single individual part to make sure something else isnt going to blow up, catch fire, fall apart, or disintegrate.

mine was MUCH larger than quarter. its about 1/2 of a large semi circle. Almost like it was cut. Larger than a silver sollar even.

for sure may have been that big - looking for the picture - haven't found it yet

were there any marks on the cover prior to it's demise?

I wondering wheather it's a corrosion induced fatigue failure or if it was stuck in any way.

You said earlier that the crank case "had too much oil in it".
Running too much oil in the engine can be just as damaging as running too little.  The biggest problem is an increase in fluid pressure, due to volume.  

Now, look at your oil filter cover.  It is a made from cast aluminum.  Light, relatively strong, but not all that reslient.   The filter is directly below the cover, under contstant spring tension (to hold it in place).  The pressure placed on the filter cover is magnified when the engine is started and the oil pump begins to pump pressurized oil through the perimeter of the oil filter, then drawing it through the filter media and back through the center of the filter.

I don't know how long you rode around with the crankcase overfilled, but that and the fact that your 'new' bike is over 13 years old are both contributing factors to the failure.

200 ml too much for less than 10 mi. My clymers says 2 quarts for an oil change so i put in 2 quarts. Rode around a bit, I pull in the driveway and there a bit of smoke. It was obviously burning oil so I checked. A tab bit over the full line and I then notice stamped into the side cover is 1800ml. I drain it, funnel the oil from the drain pan back into quart bottles so I can use the oz/ml measurements on the side and pour back in 1600ml. Start it up for a few, no smoke, turn it off let the oil settle and checked the oil level. Perfectly between the two oil level marks. I then had to go to work and it had started raining pretty nicely as I was draining/refilling with oil so I took the car. I get home. While my freinds putting a new headlight on his nighthawk I start up my bike....POP, oil gushing out. Oil weight 10-40

I've wondered a couple of times if any of these instances might be caused by an oil filter installed backward.  Just a thought.