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There is a way to keep the PS rack connected to the PS pump and just push it up and out of the way. This only works if you do not need to remove the balancer. You need a brace or some type of helper to keep it pushed up higher on the Drivers side and you have just enough room to get at the bolt.
There is almost never a need to completely remove the steering rack from the car. In the worst case (like when you do a cam swap) you just push one end out the passenger side wheel well and angle the other end up.