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That's an awful ugly way to do it!! You'll have to disconnect everything to get the motor high enough to get the pan completely off.. so you will only be a couple more pumps of the jack away from lifting the motor completely out. If you are replacing the bearings because of low oil pressure it'll need maching work as well.. so you are really talking a complete teardown.
I did that on my '91 Bronco (302) several years ago. It wasn't bad at all. Make sure you pull the fan off the motor before you lift it so that you won't break the fan shroud. I put pieces of 2x4 between the motor mounts and frame to hold the motor up. The hardest part was reaching up over the pan to pull the oil pump so I could get the pan off.
Akward but doable. Once the oil pan is off the big ends are easy. For the mains you will have to rotate the top shell halves out and rotate the new ones in. The down side is that it is not possible to clean the seats for the top shells really well. However it can be done and saves a lot of work.