It can be done with the flywheel right where it is. The bolts that hold it on are on the pump side anyhow.
The concern I'd have is that when you pull the pump and shaft out of the drive gear that none of the parts fall down into the bottom of the cover (if they do you'll have to go fishing with a flexible magnet).
A side note, when I worked over my 720D ES a few years ago, the little oil seal for the engage/disengagement lever on the timing cover housing was obsolete. I managed to reuse the one I had but of course I leave the pump engaged all of the time anyway. You might be able to have a local auto shop or parts house cross something for it.
Don't forget to drain the timing cover before removing the pump lest you want a surprise oil bath.
Tyler B in IL