In the interest of helping someone else I wanted to contribute by sharing my experience.  I purchased a 1949 Commodore 6 with a 262 engine that lost around a quart of oil per hour.  So I ordered the Best Gasket rope seal set, a Sneaky Pete tool set, and a Best Gasket oil pan gasket, and started reading on these forums.  There was discussion but nothing that made me feel a whole lot better about tackling the job.  An old-time mechanic in my car club who did this job on a Hornet told me he pulled his engine to do the job and it still leaked.  He couldn't believe I would get the oil pan off, let alone succeed.  I didn't have much confidence, but what I did have was faith in the man upstairs that He would help me get the job done!

My garage has the advantage of having a 2-post lift and it was a definite advantage for this job.  Lots of guys do this lying on the floor but I would have been up and down 30 times once I explain why.

First, unbolt and drop the center steering bracket and the tie-rods and let them hang down.

Next, take off the cover plate under your flywheel and remove your dipstick.

Next, unbolt the oil pan and attempt to remove it.  If the oil pan will not clear the flywheel, simply use a small crowbar to carefully rotate the flywheel using its teeth.  The crankshaft will turn until the oil pan clears.

Next, I cleaned up the gasket and goo from mating surface of the block.

Next, unbolt the rear main bearing cap and use a slide hammer to remove it.  I had to custom make a 1/4" steel plate and use two long bolts to bolt to the bearing cap for a place to bolt my slide hammer to the bearing cap.

Next, put the bearing cap in your vice and clean up the old "rope channels" cut into both sides of the bearing cap.

Next, remove your old rope seal from the top of the crankshaft.  Mine simply pulled around with needle-nose pliers, but if not then use the Sneaky Pete tool that screws in.

Next, pull or scrape out the bottom half of the rope seal from the bearing cap in your vice.  Carefully clean out the groove with brake cleaner spray and a clean rag.

Next, use a gasket adhesive to glue your bottom half of the rope seal into the groove in your bottom bearing cap in your vice.  This keeps it from spinning while the engine runs in the future.  More on the bottom bearing cap work in a few steps.  Do not worry about trimming or pounding the seal yet. 

Next, this is where it gets interesting.  I have no idea how anyone gets the Best Gasket rope in the top without destroying it.  I fought with it for 2 evenings with no luck. It is much bigger than the old one that came out of mine.   So what I did was, using a sharp Exacto-knife, I carefully trimmed about 1/3 off of what would be the back of it that goes against the opposite side of the crankshaft.  There was still plenty of seal left to fill the gap.

Next I coated that top rope in engine break-in lube (heavy oil would do the job too).  I used the Sneaky-Pete jaw & wire, put it on the rope seal and pulled the wire through with the seal oriented with the open side of the jaw facing the crankshaft.  Using one hand with a small crow bar, I turned the flywheel one tooth at a time with careful, easy pressure on the Sneaky-Pete wire.  Do NOT pull too hard or you will have a problem and have to order a new seal!  It took probably 15- 20 minutes or so to carefully pull it through, and I had to "smoosh" the seal back into shape as it went into the gap probably 10-15 times as I went.

Next, after you work the top seal through, leave the ends with about an inch of rope on each side. Now, I was anxious about all this because the rope ends looked like a real mess and I had no idea how I was going to trim them neatly.  So I used a small punch and started pushing the loose ends into the opening, and packed the openings as tight as I could get the rope material in there.  Now- how to trim the excess?  Well, that little knife they send you in the Best Gasket kit is both highly flexible and sharp!  So I carefully and successfully trimmed the ends flush.  Alright!

Next - back the the bottom bearing cap in your vice.  My first thought was, "this rope seal will compress on the crankshaft when you bolt the cap in."  This was a very WRONG assumption.  So here is what I did - I coated all the crankshaft bearing and seal surfaces with assembly lube oil.  Then I used a really big socket from my 3/4" socket set that was the same diameter as the seal, and I started pounding the seal into the cap and trimming the seal as it pushed out the ends.  This was a LONG process, because I would periodically test the cap against the crankshaft.  What I looked for was to get even oil impression on the entire seal surface and the bearing surfaces.  Wipe off the oil and repeat.  Repeat.  Repeat.  Pound some more, trim, re-oil and repeat.  This is slow and careful work!  Did this MANY times.  No one talks about this.

Once you get that to where you get equal oil touching your bearings and your seal surface, do a final cleanup of the block surface where the cap slides in.  I cleaned the sides with brake cleaner because that is where the mop-string rope will go.  Clean the sides of the bearing cap where the "rope grooves" are, with brake cleaner and clean rag.  Bolt in your bearing cap and torque it to specs.  I believe it is 80 foot-pounds from memory, but the shop manual will confirm this.

Next, take one piece of the mop string/rope from the Best kit, and coat about half of it with your choice of sealant.  I use Permatex Right-Stuff.  Then stuff the rope into the sides of the bearing cap and pound in with a small punch.  Trim off the excess.  Repeat on the other side.  

Next, clean out your oil pan like new, and clean out your oil pickup screen like new.  Goo your gasket on, with the o-ring at the oil pump tube as well, and bolt the pan back in place. 

Finally - Bolt your center steering bracket back up into place, refill with oil, put your dipstick in and check the level!  

Viola!!  This is how I accomplished the job.  People may criticize or applaud, but that is what I did. Hopefully it helps you.