Possibly. I'd say if you put weeks of engineering and design, fabrication, research etc into a 4-link w/proper lateral control, you will have something comparable to a leaf setup that could be fabbed and mounted in a matter of hours. As stated previously, it comes down to how much you want to be able to brag that you have a 4-link, or how "showy" you want it to be. I think dollar for dollar you will find yourself much further ahead with the leafs, and put the extra time and money into other areas of the project where it will do you more good.

That said, if you're bent on a 4-link, I think you'll find that the kits and parts/pieces available are available (and with everything you need) for similar $ to buying the raw materials, and alot of the engineering is already taken care of for you.

http://summitracing.com/search/Department/Chassis-Suspension/Part-Type/Four-Link-Kits/?Ns=Rank|Asc