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I know why you ask this question... I just took out my tranny in the 1994 model, M5od tranny, and I DID NOT take out the exhaust because it is exceedingly difficult to get to the manifold bolts without several swivels and about three feet of extensions. Not to mention the tranny bolt on top of the transmission itself.
Here is what I did
Drop your transfer case and drive shafts. Of course drop the trans case shield. drop trans case. All this is done while supporting the tranny too by the way. don't forget to unhook the speed-o sensor and trans case sensor connections. now you get a break from all the road grim in the face. remove the shift boot and shift arms. Back under the vehicle unbolt tranny and lower it just enough to get an air cutter in there to notch the spot welded seem of your interior and firewalls about every two or three inches. Next punch these 2-3 inch peices FORWARD and out of your way, you now have enough clearence to remove the tranny the remainder of the way.