Tom,
Either way is pretty easy. The mono leaf springs are probably a little more expensive than a dropped axle. But both are pretty much in the $500.00 range once you buy all the needed parts.
If you do the axle you pretty much have to replace the king pins. If you do the springs you will want to do the bushings and clamps.
On either project you have to make sure the tie rod will still go under everything. Some people have the steering arms dropped along with the axle. I flipped the tie rod ends so the tie rod hangs down below the steering arms. That can cause tire clearance problems if you are running wider radial tires in front.
Since I am not finished with my project I can't comment on ride quality. There have been many posts about this and you can find a lot in the archives.
