An interesting suggestion. In fact, it looks like there is an "out" near the town of Oroville East, where a pair of dams prevents flow into Miners Ranch Resevoir. Something that, if I were Overlord of the Situation, I think I would have to look at.
BTW, this from Google Earth, which gives elevation, but is nevertheless being deprecated in favor of Google Maps, which does not, unless someone wants to tell me otherwise.
An outlet here would bleed down into the same flood plain that a “dam break” would flood, but the flow would be restricted by a narrow arm of the reservoir, or lake, in contradistinction to the broad lowland in front of the dam and the spillways. So I think this suggests possibilities, in the abstract, at least.