I've also done it both ways (tranny in a pit, and engine/tranny on jackstands), and I can tell you that it's about the same amount of work, it just depends on what you'd rather EFF with, axles, tranny mounts, and dp's, or the rad support, AC, and PS pumps and lines. Also, if you pull just the tranny you don't have to drain any fluids. If you pull the engine as well you have to drain pretty well all of the fluids minus the brake fluid.
Like I said, you don't have a lift or a pit, just pull the engine/tranny together. If you DO have either of those things, I'd rather just pull the tranny, myself.
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