Yes, drain at least some of the coolant because when you pull even one of the manifold bolts or studs it will start pissing coolant all over.
I used Permatex grey on my '68 iron heads before I put the new Edelbrock heads on it and it held up well enough.
One thing that some people hate to hear is using Bars Leak if you can't get something to seal.
One thing that is not common knowledge is that for many years, GM used Bars Leak in brand new cars that had never leaked anything before they sent them out the door.
They did this because it was easier doing that than getting a new car back from a customer to fix a leak after the fact That's really true. I didn't believe it at first and I looked into it and found out I was told correctly.
If you are interested, this is a thread from BBodiesonly about the same manifold bolt/stud subject.
I’ve put Teflon pipe thread sealer (paste type) on this stud twice and it works for two weeks and leaks again. What should I use to stop the leak?...
www.forbbodiesonly.com