I don't know about your DF70, but I just recently lifted my Yamaha F80 off the transom (was doing some prophylactic epoxy core sealing on the transom). I have cable steering (Teleflex NFB). I did not have the steering disconnected, nor did I disconnect the other lines (fuel, electrical).
First, on the lifting. My F80 has two lifting rings. They are in a straight line fore-and-aft, and they are meant to be used together, with a bridle (I asked at the Yamaha shop). Some other models (larger engines) I saw had a central ring. In the case of the rings on my engine, they are both always there - I simply had to undo two fasteners and take a plastic sub-cowling off to get to them. On the ones with a central ring I think sometimes you need to install the ring after the main cowling is off (in other words, it does not live there permanently like mine do).
These two rings used together with a bridle made for a perfectly balanced lift of the engine. It didn't "lurch" or etc. when it came off the mounting bolts. The main thing had to contend with was that I had the steering cable on, which limited the engine's movement. I could have removed it, but I didn't really need the engine to move much. I used some large-diameter soft lines around the lower leg and from the lifting rings to my stern cleats to hold the engine in various positions (essentially slightly off to one side or the other). I could push/pull it to where I wanted it (suspended from engine hoist) and then just tie it to keep it there. The large diameter lines were just to not put any stress on the paint, not because there was a lot of force. Plus I had them on hand.
I would imagine that your engine, like mine, has a fair bit of slack in the fuel and electrical lines so the engine can turn when you are underway - at least on mine that was much more slack than the steering cable had, so if you have (or will have) the steering cable off, I would think you would have plenty of movement.
I would be uncomfortable using any lifting rings that did not result in a balanced engine. Seems like it should come off perfectly balanced and then you can just guide it around like any other balanced thing on a hoist (that's how mine was).
In addition to asking at the Yamaha shop, I looked up my engine's exploded parts diagram on boats.net, and was able to double check the location of the lifitng rings there, as they show up as "parts" of the engine. I also found information in the service manual.
I don't know if you have a hoist or not - I was lucky to have a friendly neighbor with one to loan out. However Roy & Dixie here on the forum used a clever method wherein the two of them coordinated between moving the nose of the trailer up and down (using the nose wheel) and putting blocks under the foot of the engine to lift his engine up by two sets of mounting holes (however they were only sliding it directly up, and I'm not even sure they removed the "slot" mounting bolts). I needed to get mine further away so I could get into the transom holes with tools to remove the core (Dremel) and then redrill the holes after the epoxy cured (drill), so I decided to use the hoist.
Here is a photo wherein you can see the lifting ring(s) on the Yamaha F80. The chains run up to the engine hoist, and the white lines that are also tied into the rings are running over the the port-side stern cleat to hold the engine slightly over to that side so that I have working room. (The red line in the foreground has nothing to do with the engine.)
