You want the RTV to be wet so it can swish out when you tighten the bolts.
I'll let an AMC guy answer the rest.
This.
I'm not an AMC guy by trade, but having done a re-ring and gasket job on a 360 with the block still between the frame rails, I think I'll take a stab at answering.
Yes -- you must remove the rear main cap, and you can get one half of the rear main seal out of the cap. For the half in the block, you must use a small punch to gently puch up (tap the punch with a hammer gently) on one exposed end of the seal to get the other end to start pushing through. Then you can feed the new seal up around the crank.
If you try to drop the crank with only the rear cap removed (which won't happen with a LOT of prying, putting a ton of side load on the crank mains -- BAD thing) you could put some permanent deflection, i.e. a bend in the crank. Just try pushing the old seal out, then pushing the new one in. You'll see what I'm talking about when you get under there.
When you're putting the cap back on, use a dab of RTV at the ends of the rear main seal between the halves to seal them up and prevent any more leakage.