I originally estimated 2 hours to get the project done, took me about 4.5 including the trip to HD for additional supplies. In addition to replacing the faucet and drain, I also replaced the shutoff valves. Being 15 years old, the seals were shot and wouldn't stop water from slipping past.

I originally tried to unscrew the drain flange from the pipe. As you can see in the pictures, it was extremely corroded and was not going to cooperate. Based on excellent advice to just cut it, I did. I didn't have a reciprocating saw in my set of tools, so I picked up a small one from Home Depot. It was just small enough to fit under the sink and made the cutting go much faster. I also picked up a mini hacksaw and ended up having to use it to start a cut above the nut that kept the drain tight to the sink. If I had been thinking clearly before I made the first cut, I would have realized that I was going to destroy the threads and removing the nut would be impossible.

The best part of all, no leaks on the first pressure test.