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I would not lift the car with the trans...seeing as how it is typically suspended by a rubber mount which allows it to flex around a bit. Not sure how that mount would survive such a lift.
Perhaps if your car has a solid mount it might be OK - but others will need to chime in on this.
Back in the days before I'd acquired my own lift...I did the "side to side" procedure that you mention, and never had a problem with this...but would indeed recommend caution with this approach, and also a bit of patience in lifting each side gradually so as not to get the car canted at too great an angle.
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