I wouldn't drop the K-frame unless I also needed to refurb the suspension and steering, and/or change T-bars. Otherwise, you will need a front-end alignment. Removing just the engine isn't too hard if you can get at the top bell-housing bolts. Might be easier if you unbolt the tranny x-member and drop it down a bit (never tried). Even an exta 1/2" would help a lot.