No lift hoist needed. My wife and I did ours in the garage with a cheap engine hoist in 30 minutes with the hood on and complete suspension on the K. Was so easy!
I've done this TWICE by. My. Self. Lol
As far as the cradle, no need for anything fancy or expensive, I went to harbor freight and got one of their heavy duty cradle/dolly thingys and it worked good to roll the k-member and everything around. I had a chain hoist from the rafters hooked to the front bumper to raise the car, then I used an engine hoist to lift the k-frame into place.