Before you decide to remove the asbestos your self, check with your city/town Building & Health Official. They are a great resorce, (but I'm biased.) They will also let you know if the State would like to get involved.
Depending on where you live, you will probably need a building permit for the residing work.
Once you start removing the asbestos it is a sure bet that someone is going to call the Health Officer to find out how safe it is. (I know this is true because I filled in for our Health Officer for a while and my phone rang off the hook.)
Our community requires you to encapsulate the area that you are working on. This means you would have to place plastic on the ground as well as the sides and top. Any workers must wear a face mask that is approved for asbestos. (Homeowners are not required to wear protection) You will probably be required to wet down the siding before you remove it to controll the dust.
Contact a company like BFI or Waste Management for example to find out what guidelines they are under to dispose of the asbestos. Most of the jobs I have seen use a roll-off with double lined plastic.
As you can see, you really need to do your homework before you start removing asbestos.