Ok, quick update.... I've just cut a 2x4 and have some old rock climbing rope I am going to use to support the transmission (which has been "hanging free" since I removed the engine). The rope can handle 3,000 LBS, so I am not too worried about it supporting the weight. This said, it has some flex, which I thought wouldn't be such a bad thing. The support system will look like the one in BudP's post. I am going to rig up the support (nice and tight) before I disconnecting the wishbone. I am NOT removing the actual transmission right now, but just the bell housing. I will eventually remove the transmission to clean it up/out and such prior to reassembly.
Do I need to support the wishbone or can I just let it gently drop?