Jerry (Hotrod Lincoln) has advocated that method, but you'd need a BIG hole saw but unless you cut really deep (past the piston pin) the piston may still be stuck. If you cut down past the rings, you might be able to free up the remaining part of the piston and rod. I had one piston in that 58 235 that was stuck so bad I needed to punch a hole in the crown and use a saw to cut a notch in the rings. BTW, the pistons won't come out the bottom because the main bearing webs are in the way. I used a large drift and a hammer against the piston pin bosses.
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Kevin
1951 Chevy 3100 work truck
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1929 Ford pickup restored from the ground up. | 1929 Ford Special Coupe (First car)
Busting rust since the mid-60's
If you're smart enough to take it apart, you darn well better be smart enough to put it back together.