I've done it...
I dropped the whole subframe and replaced all the bushings using a hydraulic press in an '86 300E. It took four leisurely days working by myself. It's not terribly difficult or complicated but it is alot of work.
There is probably a special tool to press the bushings in/out but you'd still have to lower the subframe enough to get the tool and bushings in/out. I'd say either way it's still a ton of work.
Hopefully one of the techs will have a better answer for you.