Assuming your tranny is still bolted to engine, and the driveshaft pulled out. It will hang down some until engine mounts stop the engine from coming lower in the back end, however, its a good idea to put a stand under the tail, to prevent too much twisting on the engine mounts.
If your doing a top pull, and have already pulled the bolts out of the engine mount, and raised the engine with a hoist so that the engine mounts clear the k frame then you can just let it drop to the floor. Or again support with a small stand, box, jack, whatever.