Yeah, Id cut all the suspension mounts off ans start fresh with new rod ends and link material. Go 3 or 4 link up front and modify the rear mounts to lower it down.
Coilovers look pretty good, just really long. I doubt your suspension, even if redone, could realistically handle the travel an 18" shock can give. Your u-joints on the driveshafts would hate life. That being said, you can always limit the down travel with some limit straps. The frame mounts for the shocks definitely need to be raised some to lower the rig down. Overall it looks like a decent platform to build off of.