Do you have a 3 or 4 speed transmission.. On my 54 3100 I had a 4 speed and it didn't have clearance to drop down. I had to raise it and remove the rear yoke. It hadn't been off in 70 years and was a tough one.. had to use a chain and pully to get it out.. I then had room to lower it and get the rest of the stuff off the shaft. Then thanks to input on here I raised the torque tube up and ran a 2/4 across the frame to support it up and out of the way and safe from coming down..
If you have a 3 speed you should be fine as for as clearance goes and can lower it down and remove everything.
Doug