Plumbers use rubber adapters that fit over the old pipe and the new and have multiple hose clamps on both ends sealing them. These are thick rubber tubes, basically that are sized correctly to seal tightly over the outside diameter of both. I'm not sure if they also use any sealing compound. I have seen them use some special kind of large pipe cutters to cleanly cut them at the point of connection. Perhaps a sawzall reciprocating saw with a metal blade could also be used. Other than this area that you need a clean cut for, it is actually kind of fun doing demolition of cast iron. I always use a sledge hammer and go at it. It busts right up b/c it is fairly brittle. Use eye protection and protect the floor b/c it is heavy when it falls. Also watch out for any sharp edges.