I think I would fix the current suspension or use one like Kimbridge makes. You may have seen the one I have leaning against my fleetside. It can be done fenders on and uses GM G or A body parts or S10 and are cheap and plentiful.
http://www.kimbridgeent.com/194755chevypickup.htm about mid way down the page, 55-59 clip
If you want to see one up close call and I set up a time with you.