This is going to be my first swap, but what do I need to do in order to swap my 89 L98 Engine into my 88 Iroc? I know I need to remove the hood but what else needs to take place? Any ideas or suggestions help. Thanks

 

Basic engine removal steps are in a Haynes manual.

 

A tad easier if you jack the rear of the car and put on stands or ramps - lowers the front a tad making it easier to get block over front.

Remove the radiator - engine will squeeze out with it in, but why risk bending the fins or poking a hole in it.

Remove the tranny crossmember bolts and let tranny rear down on a jack so you can more easily get to the top 2 tranny-engine bolts - make sure dist cap and rotor is removed first so it doesn't hit firewall.

 

Im planning of swapping the transmission also, so is it possible to yank both things at the same time? Im putting a 89 engine into an 88 car both 5.7 both tpi.

 

Yes.
Drain the trans if you can. Wrap the trans tail shaft with quite a few wraps of plastic-- there WILL be spillage, but wrapping helps reduce it alot!!
{ edit }
Remove the drive shaft.

Disconnect the shift mechanism that's bolted to the trans pan.
Remove the trans mount bolts from X member.
Double check all engine grounds & battery cables are removed from the motor.
Double check the shift mechanism & anything plugged into the trans are removed.
In all, ensure there is nothing connected to motor or trans that would get hung up or make you lower it all back down just to remove whatever is connected still.

As long as the trans & motor are still bolted together, it can come out together.

Some ppl remove the frontend for clearance when using a cherry-picker style hoist.

Be careful & have extra eyes & hands to help watch for snags.