Cutting the drops with a recip saw takes to long. You have to set up the saw, plug it in and secure the frame tightly so it does not slip around whilst sawing. Now I have a tried and true method that uses only one simple tool and a hard place. Take your steel frame and place it against a sharp rock and use a 10lb sledge hammer to coerse it off. With a little practice you can sever the tubing, crimp it smoothly to prevent any sharp edge hazards. It does wonders for the finish and is a great upper body workout to boot.
Now I have even more good news for you. The current crop of carbo trash cycles are even easier to remove the metal drops from. A good ol fashioned blow torch will get them loose in not time with very little evidence that there were ever installed. Of course if you do not have fire handy then a pair of hedge shears will do just fine.
Finally removal of those tough headset cups and seat posts. I find a regular old pipe wrench bites in and give you enough leverage to get them moving just enough to get a chisel in between the frame and cup to finish the job. Yeah, your laughing now but try this on an old Schwinn Varsity and see if I am not right.
These methods only seem to work on this one day of the year ;)
Ray Homiski
Elizabeth, NJ