Water Pump, Do it myself or pay someone?

[cutchin]

My WP has the inevitable pink stuff spewing from it. I'm torn between paying a shop $175 to change it (labor only) or doing it myself for $75 (paying a young mechanic to help me do it in my garage). What would you recommend? I've changed waterpumps before, but not on a car this new. I've got all the tools and have worked on cars when I was young(er). I'm tempted to do it myself as much for the fun of it as for the savings. Here are my concerns:
Do I really have to lower the engine (loosen a motor mount) to get the old pump out?
Do I need to worry about air pockets in the cooling system when I refill it?

What's your opinion? and are there other things I should be concerned about. I'll probably by the OEM WP online.

That's my story. Thanks for suggestions in advance.