Yes，出丑 is a set phrase/verb meaning "to make a fool of oneself" or "to bring shame on oneself." I think the 出 here is less "emit" than "allow to be seen." 

so "出点丑“ is "make a bit of a fool of oneself"  (basically it's 出一点丑 but the 一 is omitted） 

and "我要出点丑了" is "I am going to make a bit of a fool of myself" 

Then add 可 for emphasis (rather than indicating possibility), as in "definitely going to make bit of a fool of myself."