I can't imagine doing that when you can buy a set of 2" springs, that would probably give you 4" lift over your sagged stockers.
Marvin has blocks welded to the frame for the shackle reversal. Click the "after" thread in my signature.
This is an interesting topic to me, as I spend a fair amount of time thinking about suspensions. I have had a few trucks in the shop thru the years that have had this mod done.
When I saw the first one back in 1990, I asked the fellow about it, who's dad had bought the truck new in '72. Like Plowboy, it was done when there just wasn't sheit for options for the cruiser. I scratched my head and generally poo-pooed it at the time, but I didn't forget about it.
The next one was like Johnny C mentions, really a hack job with booger welds that looked very unsafe. To make matters worse, there were TWO 2" blocks stacked ONE ON TOP OF THE OTHER for 4" of lift!

The guy tried to tell me it was 'engineered' because the block closer to the frame was much longer than the one the hanger was attached to, so the stress was more evenly spread out!

All I could do was roll my eyes and walk away: he hadn't actually asked me to work on the truck.
Then about 10 years ago I had a visit from a guy who was building a very different kind of trail rig. He had installed longer boxed tubing like the 4" guy, but only the single 2" tube. I just asked him for his reasons, as there were now multiple companies offering aftermarket lifted leaf springs. His response was that yes, there were multiple options, but that NOTHING FLEXED as well as the stock springs. On this point, I had to agree.
Soooo, a few years ago, I actually did this mod to the back of Ruftoys...kind of. Just the 2" reciever tubes, one on each REAR shackle hanger, with the twin purposes of being able to reset my hangers further forwards for more droop, and to provide a platform for a removable rear slider for the trail instead of the 4+ bumper that sticks out like a back porch when I run Rubicon and Dusy!
That said, I would like to also add that this is the ONLY position that I would consider this mod for. Caster issues in the front end are far better resolved with a C&T or a custom set of springs from Alcan.
Best
Mark A.