I saw that setup on the R & B chevy truck parts demo chassis way back when they were one of the big truck goodie vendors. Very simple and straightforward and any guy with a tape measure, 1/2inch electric drill and a hand full of wrenches can install it quite easily.
Some guys don't like the because they aren't "show truck slick" and others are afraid of a bolt in crossmember but forget that every Chevy and GMC full size truck front crossmember from 1960 on is bolted in at the factory with no issues.
I'm not a big fan of bags because I prefer a rig to run at one static ride height all the time and think the "hey look I broke my truck" laying on the ground thing is rather lame. With lowering coils or dropped spindles you can get one of these lower than the law allows real easy anyhow. Stock suspension pieces or Tube
A arms depend on what your budget allows but buy good quality A arms from one of the well respected manufactures if you go that way. some of the cheap ones you see on Ebay are pretty suspect and use low rent ball joints that give problems. If you compare parts numbers on a Stock MII suspension against other Ford products you soon discover that the upper ball joints that everyone claim are weak are the same exact ball joint that are on Lincoln Mark IV and many other big Ford products and the lowers are overbuilt. Outer wheel bearings are the same as most every rear wheel drive Ford between 1970 and 1980
http://www.oreillyauto.com/site/c/de...0055&ppt=C0337 including F 250 trucks.
You could even put it together with stock spindles out of a wrecking yard (if you can find them0 and swap for dropped spindles later if it isn't low enough and maybe not have to spend the money for dropped spindles.