I like to pull the them together especially if you are going to work on the tranny too. Just remove the engine front accessories to give you more room. If you are also going to do front suspension work, take everything out and back in from the bottom as one unit. It works really slick and you don't have to remove your hood. You will need to make a dolly to support everything.
Yes, no need to pull the water pump, but do remove the the crank and water pump pulleys in addition to the alternator, fan, and of course the radiator. Also pull the distributor as it is near the firewall. Do you have a load leveler, I got mine from Harbor Freight and it works well.
When you end up pulling the engine and trans together with a good cherry picker, leave yourself enough room to lift the rear of the car with a floor jack.
Also, a spare trans yoke can come in pretty handy to avoid a mess.
Come on guys your spoiling all the fun you haven't lived until you've rolled around in a huge puddle of auto trans fluid and got it in your hair and everywhere else.
Better have A few drain pans around, no matter how well you think you drained the cooling system you never get it all. Some speedy-dry and old rags near by never hearts ether. I would drain the oil before I pull the engine
I agree with moparlee, a load leveler helps, also got mine from Harbor Freight. Pulled everything together by myself, in my garage. Also a 340 & 727 trans.