Dan is going to be bagging his '49, and I asked him that same question a couple of days ago. He says it isn't the best way to do it, and I just this minute went and asked him for more info on why. He says the problem is that two or three leaves don't have the ability to control axle wrapup when you get on it or brake. Consequently you get ill handling, and eventually the spring can break because of the constant twisting.
He is going to do a four bar setup on the back of his. I know someone will come on here and say they have just one or two leaves and they work fine, but Dan has probably done 30 S10s and other cars, and fixed a lot of bad bag jobs done by other "experts", so he kinda has seen both sides of the story.
Just thought I would pass that along.
Don