I was looking onto doing this last year, before my car blew up. There is a company that makes air struts for these cars. Ii think the complete system with an air tank, lines, struts, electric valves, struts, pump was just under $3000, that was with a viar 400 ( if I remember right) and 3/8 inch valves and line. With that setup the car would move pretty fast.
From the responses I got way back, I don't think it has been done before. I have a friend with air ride on his 98 s-10 and 68 C-10 and it's awesome. Yea, it's not the best setup for handling if you're looking to auto-X the car but it would look real nice IMO. If you do all the work yourself you'll end up saving a lot of money, also piecing the system together off ebay rather than buying a complete system will save you money too.
I say go for it. I have to wait till I get out of college. Next spring I want a nice set of 18x8 billet rims than the year after the car could use paint. Good luck, keep us posted if you decide to do it!!