Recently I've made a ~20 level pitfall by designating the outlines of the tube to be carved into up/down stairs, then ordering the miners to remove the inner section layer by layer.
I've had a hard time to learn some basic principles about dwarven
logic habit and the aspects of vertical mining.
So, lets start with channeling: @Broken's hint is absolutely true. Miners will _always_ mine the blocks beneath their fellows, causing them serious injuries. In some unfortunate situations, this can be led to the death of your legendary miners. It's relatively safe if you have only one miner in the designated area.
Ramping: It's a really good choice, if you use it the right way, you can remove two blocks at once with it. No falling rocks to the head.
Up/Down stairs: They act like a solid surface as long as your workers are
keep their feet on the ground. Once they get hit (by falling rocks or socks*), they will fall to the very end of the pit like there were no obstacles in their way. So better not making tall mineshafts consisting stairs only. Use some kind of vertical zig-zag pattern: falling one Z-level is not a big deal, falling 20 could lead to serius..., you know, the F word...
Regarding the socks:
If you want to remove multi-level vertical stairs, you better dump _everything_ from there, to avoid accidents related to falling stuff. Don't forget to lock out all
civilians useless scum from that area, to prevent laundry "spawning", because even a falling +pig tail sock+ in the face will cause your workers to fall to the bottom. Dwarves don't care if there's 500 tons of rock on the floor that they are removing from above...
Removing the stairs:
When removing stairs (by channeling(r), or removing upstairs(z)), dwarves will usually stand on the neighboring blocks (both horizontally and vertically). However, if you have many dwarves working in the area, they will often remove the stairs below each other, resulting... guess what?
. So in my opinion you'd better lock one worker in the area to do the job, that's the most safe method for accomplishing such job.
I've learned this the hard way, so I hope I can help my fellow dunkards to carve large holes in the mountains more safely.
EDIT: Oh, good luck with your project, NCommander!
*socks rocks!