Thats the coupling ---the short tube between the trans and the crossmember --a retainer is unbolted and the cover is slid back, and there is a bolted flange on the driveshaft u-joint so the shaft can be removed
To remove the flywheel the pan has to be dropped unless a later 2 piece pan has been installed
Which way is easiest probably depends on what tools you have --and what you are comfortable doing.