For sure. My self-leveling shocks finally gave out and I've been wanting to go the same route with bilsteins 5100, moog coils, coil spacers and keys.
Its the perfect height but you end up with a crap CV angle, very stressed steering system, and you have basically no downtravel which makes the ride sort of harsh. Also, depending on how you crank your keys, you might run out of camber and not be able to get it aligned perfectly and your ball joints will be mad.
Bilsteins and spacers and moog coils are great for the rear, but for the front, i recommend doing some research and doing a coilover conversion with some new control arms, maybe a 1" diff drop, and beef up your tie rods and maybe get some new CV's while you're at it. It'll cost 5x as much, but it will ride like a dream, and your suspension geometry will be much better over all. Your steering system might be stressed a little but thats much better than the alternative.
GL
P.S. I think theres a company called atomic suspension or atomic fabrication or something and they make like the only commercially available coil over conversion for GMT800 trucks