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78PC..Not sure what the bar is called that has the exhaust holes, but I noticed the transmission appears bolted/mounted to it. How much weight is actually being supported by this bar ? Should I have a floor jack ready when I remove it(IF I can.. hah) ?
That's one of the frame cross-members. On early MT cars, was welded at ends, on automatics it is bolted at ends. It supports the rear of the transmission, also the back of the engine. You definitely need to support the engine/transmission before you can remove.
Your engine and transmission are held up by three mounts - two moto mounts and the transmission mount.
If you have a bolt-in crossmember (auto transmission), it is removable. However, until you take the weight off it, you won't be able to remove the horizontal bolts.
Bottom line - the engine/transmission combo needs to be supported anytime you play with the crossmember.