I need to remove the tension for my Weltmeister rear sway Bar. My questions are:

1.)Should I remove the bolt that goes through the drop link or loosen the clamp that slides along the bar?

2.) Does the bolt that goes through the drop link hold the shock to the trailing arm?Can I disconnect one without the other?

It seems removing the bolt that goes throught the drop link is easier, but I don't want to disconnect the shock.

If both wheels are at the same travel, there should be no tension (torsion) in the antiroll bar. If you have some, jack whichever side is low so it removes any residual preload you may have...

I am trying to determine if the sway bars are causing a ride height issue. I want to disconnect the rear bars, but leave the shocks attached. With the sway bar tension removed, I will set the car back down and re-attach them. I am just not sure what is the best way to take out the tension, from the drop link bolt or the slider on the bar itself? Thanks for your help.

Remove the small bolt that holds the drop link to the shock mounting bolt.

So the one lowest in this photo? That will not remove the shock- correct?

That's right.