I just did this 2 months ago on my 87 300d...not too bad of a job, but I was preparing for the worst. See a thread I posted 2 months ago from some tips I learned from my experience. The hardest part, for me, was lining the diff back up so I could put the bolts back in.

I spent the $100 and did this job with the tool...removing the bushings was super easy with the tool. The only thing to watch out for is to measure how far the bushings go in BEFORE removing them, so you can put them in the correct depth on installation, otherwise the forward bushing wont match.

If you are interested, I'd sell you my tool for 1/2 price, $50 plus shipping. Good luck!