Both, maybe all three
Am I going to access this through the wheel well? Distributor access panel? Or just top down, bottom up?
I'm guessing it's a good thing I'm a little guy with small arms!
Jake
Mostly from above: belt cover off, smog pump belt off if you have one, alternator/WP belt, timing belt tensioner. Just cut the old timing belt because you're replacing it.
From below: New timing belt over the crank pulley, getting the alternator/WP belt back on its pulley. You might want to replace this belt while you're at it - only a few bucks at the local chain car parts store, and you're taking it off anyways.
My 1974s don't have a distributor access panel, but if they did I'd be using it to reach the distributor.
The first time I did this was thirty years ago, and I was ready to scream with frustration and set the car on fire because I couldn't get the new timing belt to go over the tensioner pulley... not even with the tensioner spring held back as sldsaginaw describes above.... (BTW, don't just count on the wrench to hold it back - tighten the nut down a bit so that if the holding wrench slips out, the tensioner will stay put).
The trick is that once you have the belt on the crank pulley, then you have to pull it TIGHT before you place it around the aux pulley, and then pull TIGHT again before you wrap it around the cam pulley. That way all the slack will be available to sort of twist/slip the edge of the belt over the tensioner. If you don't pull tight you'll end up with one or two too many teeth between crank and cam, and not enough slack to get the belt over the tensioner, and you'll never get the damn thing on.... and a good thing too, because if you did your cam timing would be off. That's why the shop manual says that if the belt doesn't go on easily, check everything again.
This is all way easier than it sounds... One of those things that is hard to explain, but your hands will just feel/know what to do when the time comes.