Leave it in the resevoir and lines, but keep it clean from dirt and crap. Have you seen the little nipple covers for air lines and such? They come in a kit of various sizes. You can either slip them over hard lines, or partially push them into rubber hoses. I have not found anything better for this purpose, although I'm sure someone will argue with me.
Anyhow. Remove the PS hose bolts, plug the holes. Remove the low pressure resevoir hose, and block the holes. Pull the pump if needed, but leave the resevoir in the engine bay. You can drop the AC pump, but don't disconnect the lines.
To loosen the belts, you loosen the main mounting bolts, and back down the adjustment bolts on the alternator and the PS pump. These tension bolts adjust the belts before you lock down the main bolts.