The "jackem up" stance might be OK for the strip, but that's about all. It can be downright dangerous in the twisties.
I had the benefit of direct comparison on this subject, starting about 6 weeks ago. The scrapheap-ready '74 Duster I bought for a project last summer had some long rear shackles and 15" wheels, looking like a damn stink bug (a-la 93 toyota). That thing wallowed around the turns so bad I was almost afraid to drive it. Weak springs, no swaybar and back end perched way up there just made it an accident waiting to happen.
Fast forward to around the beginning of the year when I completed the rear chasiss and suspension work: SS Springs on inverted front hangers w/sway bar and proper HD shocks. Sits just about stock/level. I can throw that thing into any turn at any speed now (within sane reason) and it just squats and sticks. In fact, I have been unable to summon the courage to get nary a tiny squeal out of any tire. Wish I had something to measure the g-force it is pulling.
So jackem 'em up all you want, just don't expect it to handle real well.