There is little to no danger in removing the sway bar either jacked up or on the ground. There may be some tension on the bolts in either position, but it's not really going to fly off and whack you in the face or anything. As was posted earlier, unbolt the end links from the A-arms first and the unbolt the mounts from the frame. If you're not replacing the mounting bushings, you can just unbolt the end links and swivel the bar up out of your way without totally removing it.
The dangerous part of any suspension work is the coil springs. Be very careful when removing them. If you don't have the proper tools and insist on doing the job anyway, at least take a ratcheting tie-down or two and tie the spring to a fixed point to prevent the spring from shooting out and causing damage to the car, or worse, you. Leaf springs are no big deal. No worries there to speak of.