When I changed my engine (M47R) I removed the front bumper, radiator and intercooler, moved the air con condenser out of the way and removed the engine with gearbox out of the front of the car. That way you don't have to lift it too far and don't need to remove the bonnet. Not sure how easy it would be to change the engine without taking out the gearbox. I pulled out the whole lot - seemed the easiest way to do it to me. I took loads of photos as I removed things so I could work out how to route all of the plumbing and wiring when reinstalling things.
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