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Hi

The open space wherein the
hunter stood was not large, covering an area of not more than half a
dozen acres. It was of an oblong form, and sloped off from his position
to the right, left, and front, and reached from the wood down to the
stream in the valley,
where stood a rather neat log cabin, from which a
light blue smoke ascended in graceful wreaths.

--- I think "sloped off" here means that going down that open space one could go either to the right,left or straight ahead. I think it means there were paths (right,left, front). And these paths stretched to the wood beneath and to the stream in the valley. That's how I see it.
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The phrase is correct, and refers probably to the cabin, but possibly to the smoke emanating from it; notionally, it refers to both: the cabin and its smoke together create the same feeling as the sight of an inn.
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Comments  
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No paths whatsoever are intimated in the text. It is merely that the open space is convex, so that the elevation decreases in all directions from where the hunter stands.
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OK, thanks. I have one more question.

The open space wherein the
hunter stood was not large, covering an area of not more than half a
dozen acres. It was of an oblong form, and sloped off from his position
to the right, left, and front, and reached from the wood down to the
stream in the valley, where stood a rather neat log cabin, from which a
light blue smoke ascended in graceful wreaths. The eye of the stranger,
glancing over the scene, fell upon this latter with that gleam of
satisfaction which is felt by a person after performing a long fatiguing
journey, when he sees before him a comfortable inn, where he is to
repose for the night; and pausing for a couple of minutes, he replaced
his rifle upon his shoulder, and started forward down the hill, at a
leisure pace.

--- I understand that "this latter" refers to the log cabin. In other words he has spotted a cabin. By the way, is it correct to write "this latter"? To me it sounds strange.

cheers
 Mister Micawber's reply was promoted to an answer.