you don't have to... it's a quick disconnect style between the drive and bellhousing.. once you pull the drive, the oil stops coming out...
to do the bellows you really don't want to disconnect that if you can.. it's on the side with the shift cable (which you definitely don't want to mess with if it's shifting correctly...... you slide the bellhousing out and roll it over to the right... you can actually do both bellow without disconnecting the water hose (on the left) too... but that isn't as big a deal as the other side.. as long as you have that socket tool you listed...
you shouldn't be worried about oil coming out of that hose.. it's only a pint or so up to your remote bottle.. what you DO want to be worried about is breaking the oil fitting that the short hose section, between the bellhousing and transom assembly.. it's what feeds the oil thru the transom.. its SUPER easy to break.. trust me, I've broken a couple over the yrs.. putting a new one in with the engine in sucks, big time..
the water tube wont break or get f*cked up when your doing bellows.. it's soft like a radiator hose, so flexable... plus how it attaches to the transon platewon't break (tho they clog and actually get a retro-fit now when you replace one, but your fresh, shouldn't be a worry)... BUT that oil feed on the other side, will usually be a very stiff, brittle piece of hose... the fitting is a hard plastic.. you wiggle that hose the wrong way, and it WILL snap that fitting...
you can very carefully disconnect it from the bellhousing barb in the back if your really having troubling getting the space to get the bellows in... just leaving the shift cable holding the bellhousing in.. well that and the ground strap, which if you can disconnect the left one (torx can be corroded) with the water tube and "roll" the bellhousing to the right... but it can be risky, doesn't usually come off the barb easy.. but at that point, i generally just let the oil drain into a bucket.. crimping that hose just risks breaking the fitting more...
you don't need the pin tool, it's just a 9/16 allen socket.. torque to 90lbs, with locktight...
sorry i didn't get back to this.. i will...
