whoaa..
sounds like an engineering nightmare!!
haha, nah in all seriousness, ive never done it but ive have been looking into doing something similar to my VH sedan, the bag setup isnt that great a feat, if your just going with a kit that you can buy from a reputable mini truckin shop/maybe online, but id do some research on the parts and fittings because they normally throw cheap stuff in there, it just a matter of replacing the front struts with airbag struts, running lines etc, and the rears normally come with a mounting bracket to suit the bag, and they just go where the spring saddle is, weld the bracket in, bolt the bag in sort of thing.. run lines etc,
but with the exposed diff side of things, its more complicated, its not just a matter of cutting out your boot floor/shock mounts and all that structural steel, and welding in some water pipe! lol it has to be done with precision, brace it up before you start, try and leave as much of the mounts/ structure of the body intact, and buying some i think r/h/s? round hollow section? with a pretty thick wall, not just cheap stuff, and finding a way to mount it in there pretty strongly, pretty much thats what keeps your diff under the car, haha (i know its the trailing arms that 'holds' it in there but if theres no meat behind it, its just going to flex like a B****)
and the technicalities of the exposed diff altogether - im pretty sure it has to be sealed completely, to prevent deadly gasses coming in from the underside of the car, it would have to be done in some sort of plexiglass/or thick perspex.. which would probly be prone to scratching over time, - probly all in all not really feasable..
best bet, talk to an engineer before hacking into your car with the trusty grinder - thats if its going to be a road driven car, if its just for fun and not going to be street legal dont worry about it too much and go nuts lol!!
hope some of that helped out some how..
take it easy man n goodluck!