With the front wheel on a stand, I put a steel rod through the centerstand holes and lifted it with a hydraulic floor jack, then removed the shock. I tried just removing the lower shock bolt, but couldn't get the Y-pipe out.
If you do this get someone to help you steady the bike.
I lag screwed some pretty beefy brackets into the rafters of the man cave and have 3 cheap Harbor Freight cable hoists hanging from them - 2 for the bars or front engine mounts and 1 for the tail. I can easily suspend the whole bike and set it down on jackstands for stability.
click to enlarge (note the nylon straps to prevent scratching)
There are a couple of worthwhile youtube videos available on y-pipe removal, one demonstration coming in the first of a four part series entitled: Video Link: http://www.youtube.com/watch?v=M24oiym4UuQ The second is notable for its innovative solution involving a tall stepladder and some ratcheting straps to create a "redneck hoist" to support the motorcycle!
I heard the guy who made that video lives in his moms basement. He only has one testicle because he lost the other one from masturbating too hard one day. Could be rumors but I doubt it! :P