i guess that depends on your circumstances: if you have a crane, you probably want to lift it (up); if you have a service lift, you probably want to "drop" it (down).
i have removed some k-engines from cars and always lifted them. but don't forget: therefore, you need to detach the exhaust system first. i usually unbolt the exhaust manifold directly at the cylinder heads. therefore, it's best to go under the car (something like a service lift or ramp comes in handy) - also to detach the engine hangers (which hold the engine in the car) and the axles...
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