Yes Drag links work Great.
You can check out IF's wide selection of drag links on
http://ifcustom.com/projects/subprojects/archives.htm
Drag Link done in 1995 by Totally Polished
You can check out a video of Lift and a Drag link on Dave's stepside
Dave's Lift.
So its been done many many times. There are many variations to centering the rear of a vehicle. Some look better then others. Its pretty much up to the person preference.