You don't need a hoist. Many people put a 4x4 across just in front of the forward cradle bolts, and use that as a jacking point to raise the car. Just need a standard floor jack. I've never done it that way, but I'm sure others can elaborate.
Yeah. 4x4 and a decent sized floor jack(that can go, say, 21" high). make a dolly for the cradle. 4x4 just ahead of the front cradle bolts. jack it up, leaving the engine/cradle on the dolly/floor. Pull it out through one of the wheel wells. Be careful!
I've done it the 4x4 long ways across the car way. Having a dolly or pallet jack to move the cradle assembly out when the car is up in the air helps tremendously. Some people use a cherry picker and let everything sit on it's legs. You can reduce the amount of height you need to raise the car a small bit by removing the intake plenum. I wouldn't dig into the engine deeper than that. That saves a few inches or so. Some people have had to remove the front fascia if they have an aero nose but you shouldn't have to if you do the above to save a few inches of raise.
With hoists as cheap as they are at Harbor Freight, I'm wondering why you don't just get one. Their fold-up model only takes up a 2x2 foot space in the garage when not in use. Here's some pics of when I had to drop the cradle on my 88 t-top coupe, just to change the throw-out bearing (a lot of trouble for a cheap part).
The more complex the mind, the greater the need for the simplicity of play.