Forgive me if I am dense here but what is wrong with supporting the engine from underneath? It seems simpler than suspending from above. Is the pan not strong enough for the weight? Will the engine not be stable (top heavy) if supported from below?
You are not gonna have much room to work doing that, and you'll have to remove the steering linkage because the jack will have to be in the "hole" with the center link to the rear and the K to the front.