There should be no tension on those bolts as long as you lift both front tires off the ground at the same time to do the work. If you were to lift under one front control arm at a time, this would create tension on the bolts or end links of the sway bar but still would likely not be under much pressure compared to a front spring. It can be an easy job if the long bolt and the spacer sleeve are not rusted together. If they are rusted together, you will have to cut the bolt off (hacksaw, reciprocating saw, or torch).

With any luck the bolt will break when you try to take it apart and then all the stuff just falls out.

Cheap to buy new, easy to replace, yup.

the only problem I've faced is getting the sway bar out, and the new one in.  Yours is a US Pontiac chassis, but may face the same problem.  With the motor in, and the brakes on, it still took a lot of convincing to remove and replace.