I know my Father had air-bag's put on the rear of his 93' Typhoon to make the ride smoother and it worked. He had aftermarket shock's and the ST sway-bar installed. I do not remember how many psi were in the air-bag's, but he could adjust them with an air-compressor connection.
for the front i have seen a 4x4 bagged many ways. i got air bag brackets siting here for the blazer but never went on. they sit ontop on the stock a-arms.(cheap tp do) or u can do with tubular arms. like JS's and use an airwave. and for the rear u can 4link it. tho this setup is money. i seen air ways for for aorund 700 a set.
so its possible...well i figured as much but i mean I am sure someone has done it then. Would be nice to lift and drop at will...I am not talking about laying frame or anything, just a nice clean couple of inches up and down.