Guess my first question is why would you want to do that... nevermind I know you are trying to save money so you can probably be able to put bigger tires on it...
So let me get this straight you are basically wanting to take a peice of pipe, put a big washer on the end and weld this to the frame and then put a long bolt through it and then use standard body bushings... That setup has more potential to cause more stress then just using a standard body lift because you are putting a fulcrum point on the bolt so when your body shifts it hits the side of the washer and that tends to act as a lever inducing more stress. Also you would have to make sure you have access to a lathe or someone that can do it for you on a lathe so all the parts are exactly the same and the faces of the pipes that you cut are parallell to each other so you dont cause more problems with different height spacers putting one or two in a bind and having others loose for the most part.
If you were going to do something like that you would be better off to machine a spacer out of steel that has the bolt hole embossed so you can put a standard length bolt in the hole and then weld the spacer to the frame, but then again that removes the "cost savings"
Body lifts are like SOA's there always seems to be that one guy that says hey just put a 3" body lift on and you can stuff 33's under there no problem. What he doesnt tell you is all of the extra costs involved like a extended length steering shaft that you are going to need about $225 depending on where you get themhttp://tal4x4.com/borgeson-jeep-cj5-...g-shaft/000910
then if you have a manual transmission you need to either make or buy extensions for your shifter, same goes for your transfer case shifter.
Then you have to make all of the rest of your linkages work, you know throttle cable, clutch parts(or auto linkage) ect potential brake lines ect ect ect... So you figure all of that cost and time on top of the $67 for a nice set of energy suspension stock body bushings and whatever time and money you put into cutting or having cut the pipe and welding it on to your frame and the $439.99 price tag of a cheap lift that even comes with new shocks doesnt really seem that bad http://www.jeep4x4center.com/jeep-li...n-lift-kit.htm
and you wont have to worry about all the extra damage you might do with the spacers....