Yes, that means that fan is pushing the hot air out of the case, good job :-)
As for side fans, they should be pulling cool air into the case, which spot are you putting it in? One opposite Cpu, the the larger grill below it?
I've been thinking and reading about air cooling and I noticed the 80mm for the side panel is near the top. Cool air is supposed to be coming from the bottom and then hot air rises to the top and exhausts from the top or rear fans. Sadly I have no front fans (case sucks). Am I okay with leaving the 80mm fan on the top side panel as an intake??
Yes, thats not a problem, if you are up to the challenge you can always modify your case to suit your needs/desires,
basic tools like a dremel/hacksaw and drill are needed, and a little planning is worth its weight in wasted time later