You don't have to retrace your work, per this example on 5 you could imagine there being implicit "down" pointers in that aggregate block, so you would go from L3 straight down to the data item once you hit that first logical element. This would be 2 I/O operations in my implementations.
Think:
public class SkipListNode
{
public SkipListNode? Layer3;
public SkipListNode? Layer2;
public SkipListNode? Layer1;
public SkipListNode Layer0;
}
Once you find the one that has all 4 non-null, you can just grab the item at Layer0 without anymore searching.