Bad idea.
The main cap supports are in the way. There is no room to remove all the piston/rod assemblys through the bottom. If it could be done (it can't), you would need some way to compress the rings for a reinstall with the new pistons. The bottom of the bore is not final machined for this type of operation.
Dropping the crank would be necessary and that would require removing the oil pan, timing cover, all main caps, and the transmission (amongst other things.) It is possible to drop the crank, but I'd rather wrestle with a big octopus than aligning all the rods back on the journals while suspending the crank above my head just to get the main cap bolts started.
Other thoughts: Pistons may have a different deck height than the ones that are being swapped and so that needs to be checked.
When swapping pistons for performance use you need to have the crank assembly re-balanced. That bottle won't be kind to an unbalanced motor.
Do yourself a favor and pull the motor and do it right. The amount of aggravation (and failure) from attempting to do it the hard way will far exceed the $100 in gaskets that you will replace when doing it right.
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Dennis
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65' STANG (3330 lbs), 393W NA, Toploader 4 Spd, 4:11, AFR 205's, Vic Jr. Intake, CI Custom SFT, 750dp, 11.0 CR
11.25@122.19mph