I recall trying this on my 2.9. I managed to get the water pump + fan clutch + fan assembly out with the fan shroud as one piece. However, that doesn't resolve the problem of trying to separate the fan clutch from the water pump. I fought with the assembly on the bench for an hour or so, then finally broke down and went to Autozone to borrow the fan clutch wrench. A few minutes later, it was separated (split my lip when the nut broke loose, though, the bugger was on there so tight).
The whole idea behind the fan clutch wrench set is getting a tool that will hold the water pump pulley still while getting the fan clutch nut off. Some manuals will suggest a strap wrench for this job if Ford's fan clutch wrench isn't available.
If you plan to replace the fan clutch and the fan, then you don't need to separate the old ones. And the new ones can probably be reassembled tightly enough just using the drag from the serpentine belt to hold the water pump pulley while you put the fan clutch on the water pump. Of course, unless they need to be replaced, the cost of a fan and fan clutch will easily exceed the cost of a fan clutch wrench.
Long story short, IMO, the fan clutch wrench makes the job a lot easier than without it. If you have the ability to get a makeshift tool in there, more power to you; I have seen some good ideas for homemade tools. If you have an Autozone handy, though, the easiest thing to me seems to be to go borrow it.
