Absolutely, Dave.
As with Winfred, I use that hole when it's there (M50 and up, really). Our hoist has a U bolt and a pin that work nicely on it.
Oh, and the tool that Mr. Burke is talking about centers on the flywheel and mounts to the two highest bolt holes on the block for the trans bellhousing (below the head gasket). It's not necessary.
Be sure to pull the radiator, and hang the A/C compressor with some strong wire -- it can hang on its own, but extra support is always a good idea.
best, whit