Toyvo,
I think what you describe would work; however, you would be sliding the u-joint yoke (not the transmission) off the splined end of the driveshaft.
You could do it your way, by loosening the threaded "cap" at the rear of the u-joint cover/bell, or, by removing the 4 bolts that hold the u-joint cover/bell and sliding the cover/bell back on the torque-tube.
You will need more clearance space in the front of the engine but most likely you will have the radiator, if not the grill (and hood), off the truck.
Tim
