That is the simplest way to do it, yes.
A balljoint splitter works wonders, as does a big hammer. Hand sledge ftw.
Apart from that the removal of the rack itself is fairly straightforward, it's secured by 4 bolts, 3 underneath, one on top from memory.
Remove the bolt from the uni joint first though.
Then pull the rack out, this may require some rotating and back / forth movement, but it's once again very straight forward.
Edit:
While you have the rack out, i'd reccomend installing new tie rod ends and rack ends + regreasing the rack itself.
Why are you pulling it out?