First of all, good name. :thumb:
That might work, but unless you also use longer shackles you will only gain 1.5" with a 3" extension on the front. This will also throw your pinion angle off. You will also have to make sure that it's really strong. It will also cut down on the approach angle and put more side-side stress on the frame rails.
I also went the cheap route, but mine was a lot cheaper and easier. I took off the add-a-leafs that someone put on my front springs and added more leafs to my spring pack. I kept the two top springs and added about 4 or 5 leafs from the rear pack of a 3/4 ton truck to them.
I got close to 4in. of lift on my K10. I need to add another leaf or two though to make them stiffer (too soft for me) and to gain a little more lift.
It also works better with the 2 pack chevy springs rather than the 3 leaf. I had a 3 leaf pack on the pass. side and it didnt come up quite as much. I still need to swap it out.
You will need new/longer center pins and probably longer ubolts. To gain an inch you could also use a zero rate block.