You never have to cut anything to remove it, unless you're performing a short cut. Those look like hardened split pins to me. Standard Ford fare. Drive the pin through the bellcrank taking care not to bend the shaft through which it travels. I thought I'd give you a link to the parts page at messicks.com so you could see for yourself what you're working on, but this is one of those Ford parts that's hidden somewhere and I can't find it. I don't have much time on C-s and D-s and don't recall the part you're dealing with but if I were in your spot, I'd be tapping on that pin with a pin punch and moving on. If you are where I am looking at the bellcrank and the pin you've circled, drive the pin towards the cover plate. You should be fine, as the tab welded to the cover plate shaft supports the shaft.