It's not necessary to cut the bolts, although it will make the job go quicker provided your local Ford dealer has replacement bolts in stock.
The "shortcut" method is what everyone here is talking about - pushing the transaxle up & out of the way. I would definitely NOT be pushing the transaxle up without loosening all 4 motor mounts. It's not necessary to remove all the motor mount through bolts, just the 3 mounts connecting the transaxle (front & rr roll restrictors & LH upper). Also, I do not like to remove the ball joint as you run the risk of tearing the ball joint boot. Tear the boot and you'll be replacing the ball joint prematurely. I've managed to remove the bolt directly below the halfshafts by jockeying the steering wheel right to left and raising the A arm until I had clearance. Do this 1 first.
It's also recommended that you install the clearance challenged bolts upside down after you've cross drilled them and then safety wire the nuts. With the nuts/bolts in this way, next time you have to do it, the jobs a snap.
This is how I did it.
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