Sounds like he just wants to take the v-band off and leave the exhaust housing on the manifold while replacing the rest of the turbo. So a little more than the "cold side".

I dont see why that wouldnt work. Ive taken the exhaust/o2 housing off and just left the compressor hanging there before lol.

Then again its like two nuts on the down-pipe and four bolts to pull the whole turbo... Not a big deal at all...especially if you have to pull the lines and what-not. Have fun with those.