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Instead of spending money on that, it's better to spend it on quality suspension & handling components. You'll be much happier w/ something thatn actually handles than w/ something that can mimic a pancake.
I changed few emails with one guy sometime ago and he was planning to put bags in his (can't remember what year) C3 vette. He has already used bags in many of his previous cars and he was very conviced on how they work. Still I'd preffer coil-overs all around... I can try to find if I still have the emails somewhere. ;)
I slapped a set of $60 air shocks on mine after a few months of bouncing and scrapping my exhaust on everything. Did it as a temp measure since I was not ready to rebuild my rear suspension at the time. Been 4 years, but only one full summer of driving :(, and it rides WAY better now, much firmer and no bouncing. Even had a fellow c-3 who has an almost mint 82CE tell me mine rides much better than hers. :)