Of course it links to the suspension. The a-arms mount to it and of course, the a-arms connect the springs and struts to the chassis. Without the K-member, you have no front suspension.
The steering rack also mounts to it. So no steering either.
With the motor in-
1.Jack the front(not on the k-member), attach an engine hoist to motor and begin to jack motor until its obvious the weight of the motor is on the hoist.
2.Remove front wheels.
3.Disconnect steering shaft/ power steering hoses from rack. MAKE sure nothing is wrapped around k-member, (wires, starter cable)
4.Unbolt/Remove shocks from spindles/ and from strut tower if using coil overs. USE A JACK UNDER the control arm to relieve spring tension.
5.Remove front brake lines from caliper.
6.Loosen/remove motor mounts from k-member
7.There are a total of 8 bolts, 2 on each frame rail near shock, 2 underneath neath floorboards.The k-member should break loose, once you have it out, pull it away from the car and remove the spindles/brakes/steering rack. Insert your new k-member and install with same bolts. install brakes, coil overs if using, springs, shocks, connect breake lines, steering rack....geez if u remove it and cant install it your a freakin TOOL!
This was all from memory when i did mine over a year ago, anyone else have anyhting. Total time..depends how good u are with your hands.( Im Good, really good, odds are your not).anywhere from 6-10 hrs for the average guy.
with the motor out of the car it just makes everything more accessable. ie: bolts and crap. not a hard install, good luck