Either way will work, its just that the stand makes it a lot easier. Here is one
at Walmart for $50. If you think there might be the possibility that you will ever rebuild another engine, then the stand is a good investment. I bought the stand in the photo for $40 w/free shipping and the first engine on it was a small block Chevy V-8 engine. The handle lets me rotate the engine for the easiest access. Whichever method works for you is what you need.