First of all - I'd like to echo all the statements by
@Crazy Dave Condon about the importance of safety for yourself and the boat when doing a project like this.
1. A travel lift is the #1 safest option for lifting
2. A mobile boom truck/crane (may be able to be rented in your area) could be a viable option
3. Another alternative if you want a permanent solution available to you:
http://www.gohoist.com
That said, I made the choice on my boat not to follow this sage advice and went a bit of a different route. I first supported the stern of the boat with a large lifting strap and gantry lift. The, using my trailer jack, which is a heavy duty model that is extra long with a drop leaf, I was able to lift the trailer and front of the boat enough to get a boat stand under the bow. I worked back and forth, slowly raising the boat a couple inches at a time. I did this so as not to put any flex into the hull for fear of harming the ballast tank seal. Once raised, and with the stern still fully supported by the strap, I installed boat stands everywhere I could fit them to support the boat. I also kept the lifting strap on and added some blocks as further insurance.
Also - whenever using boat stands, they should be tied together.
When it comes to changing out the line, I used the above writeup from
@rgranger as a guide.
One thing that did happen to me is when I tied the new line to the old it came apart and I lost my feeder line. It is an extremely tight fit for these lines and it is highly recommended to buy the line on this site to ensure it meets the required specs. My solution was to take some heavy thread from an awl I had and from the deck feed it down the compression post a couple inches. Then, I attached a shopvac with small diameter hose underneath the boat to the outlet point for the line. It was a perfect fit. I turned on the vacuum, sucked up the thread, and was back in business.
With the board out, get a good look in the centerboard trunk for damage. Very common to spot things that you might not have otherwise seen.
It's also a good time to replace the blocks for the centerboard. One of my original factory ones burst apart from age and metal fatigue. I bought a pair of brand new Lewmar 72mm sync blocks on eBay that have done a nice job, but any will work.