Is there a smart way to disconnect the power steering hoses without draining fluid all over the engine and floor?

You just have to use a drainpan and replace it when your done. Dont know any tricks.

Guess so, I was thinking you could siphon the fluid out of the pump but you can'r really get a hose down in there. Also wondering if you could maybe pinch off the return house and try to direct it into a drain pan. Trying to avoid having ps fluid all over the k-frame.

It helps to spray the K and any area that will get oiled with simple green or similar first. That and a pan and maybe plastic drop cloth will make clean up easier.