The method I use is to jack up the front of the truck, suck the old fluid out of the reservoir, then disconnect the return line, cap the port on the reservoir, then run the return hose down so that it exits into a small bucket. it'll gravity drain on its own, and without the engine running, I fill the reservoir while (again without engine running) turning the wheel back and forth several times, keeping an eye on the fluid level (liks @OSS said it's important to make sure you're not allowing air into the system or you'll be in for an aggravating and long term chore of having it all bleed through while you watch fluid level like a hawk). Once you see obvious clean fluid going into the bucket, you can plug the return line to avoid spills, feed it back up to the reservoir, reattach it and fill up with the new fluid you're using. I'd fill it to the high side of the cold marks, then check the level next time you drive it and make sure it's all good.
If you REALLY want a good purge you can do it a second time after a few drives to flush out any debris left in from the first time that's now been freed up by the new fluid.
For fluid I'm a fan of Schaeffer's All Trans. Gave me a couple more years of life in my A440F when it was on its way out, and works great in PS systems. I'm due for a new flush myself too actually. I think Royal Purple Max ATF would work really well too, and is easier to source locally (for me anyway).