Oooh... me, me, me! I just did this on the SHO.
First off, you mean outer tie rod end. Not end link--that is for the sway bar.
The outers are SIMPLE. The absolute first thing you should do is use a paint marker to mark the inner tie rod end right where the nut is sitting. This may help you keep your alignment when you put the new end on.
To remove the outer tie rod end, you first loosen the retaining nut (the nut on the inner tie rod end, which is currently tightened up against the outer tie rod end) by turning is so it moves away from the outer tie rod end. So, yes, it is indeed a seperate nut. Then you remove the cotter pin on the bottom of the tie rod end (under the steering knuckle.) That will allow you to remove the castle nut. You can try using a tie rod seperator (aka Pickle Fork) to pop the tie rod end out of the knuckle, but I find it's much easier to whack the stud from below with a heavy hammer. Trust me--it'll pop out. Then you just unscrew the outer tie rod end from the inner. You can use vise grips to hold the inner rod still while you unscrew the outer. Some people count the turns it takes for it to come off, so you can put the new one on the same number of turns, and theoretically your alignment won't change much. I use the paint marker method instead.
For the installation, remove the old retaining nut and replace it. Screw the new nut to about 1/2 turn past where you marked the inner tie rod w/ the paint marker. Screw the new tie rod end all the way up against the retaining nut. It doesn't matter which way the tie rod end is facing, since the entire inner rod rotates freely. Tighten the retaining nut against the outer tie rod end pretty dang tight (they say 44-55 ft-lbs, but I don't know how you can measure that.) Rotate the whole tie rod so the stud can go down into the knuckle. There should be torque specs for the castle nut with the new end, but I think 65 ft-lbs. is OK. From there, keep tightening until the hole lines up w/ the slots in the castle nut, do NOT back the nut up to make it line up, just keep tightening. Attach the NEW cotter pin, and you are done.