The only thing to worry about would be the pinion angle cause what your talking about is just a 2 link suspension. As long as the pinion angle is right at ride height it'll probably be fine but the angle will be off when you let the air out of the bags. I don't know alot about them but people do run them, and Chevy's had truck arms like that for a long time and from what I understand NASCAR still runs them. Just do a google search for 2 link suspension and see what you come up with. I've also read that it puts stress on it when your turning on an incline or bump or what ever because it tries to twist and flex. I don't remember exactly but I read something about it an stressing some of the components. Let us know what you come up with and decide to do.
http://www.hotrodders.com/forum/home...ion-27086.html
http://projects10.freeservers.com/coiloverrear.html Heres a couple of links to what a guy to an S10.