"Your approach is correct , at
"Your approach is correct , at the bottom of the steering arm is huge nut it can be tough if really rusted. Please be sure to use anti seize lubricant on all bolts during installation
Here is what I did
Leave the engine on the Boat
Remove the lower unit (replace the water pump if you can afford it)
Disconnect the fuel hose and disconnect all wires and shift cables.
Remove the cowling and use a engine hoist or rent one and attach it to the flywheel or use canvas straps and secure it to the engine.
If you have Tilt and Trim and Sender for position gauge you will have to disconnect the wires.
Simply hoist the engine up just enough the tighten the straps and hold some load.
Loosen not remove during this step all six bolts, two on top and four at the bottom (Bolts attaching the mid section to the steering arm.
Completely remove the four bolts at the bottom
Engine weight is supported by the two loose top bolts and the hoist at this point.
Remove the top bolts be careful and apply enough lifting strength on the hoist, Note the engine will tend to try and swing have someone hold it during this process (if you can use and very long extention and be inside the the boat when you remove the top bolts) this way if the engine swings or anything you are safe. Your call
The engine hoist pays for it self during the re installation I simply love it.
In the event you do not have a hoist or can't rent one a floor jack with one inch thick plank 2 cement blocks can work, common sense to boot
Good Luck"