The ride with air bags should actually be quite good, it may be that the PO did not install the bags in the correct position. The bags are really a air spring and as such they should be mounted so that they are at the center of their travel when the truck is at normal ride height. If the brackets were installed so the bags must be fully extended or fully collapsed at normal ride height then you will have to change the mounting brackets to allow the bags to be in the middle of their travel instead of at the extremes.
The other thing that could be the problem is the front end, I think yours is torsion bar and it could be cranked down so tight it does not have any travel. Kieth