I belive it is the same as the W124 rear subframe, and yes, it will drop down enough to change the mounts. Do one side at a time (you will need to fabricate something to pull the old mounts out and pull the new ones in with). You will have to remove the ABS sensor and disconnect the ASR if you have it, and maybe the rear brake lines to avoid damage.

I'm saving my pennies (the submersible pump in our well died Thursday night, so there goes the fun money this month....) to collect all the bits to do mine, all four are shot plus most of the links are bad, too. Figure I'll do the whole thing at once and then do an alignment.

Peter

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1972 220D ?? miles
1988 300E 200,012
1987 300D Turbo killed 9/25/07, 275,000 miles
1985 Volvo 740 GLE Turobodiesel 218,000
1972 280 SE 4.5 165, 000 - It runs!