PDKLOL, this is perhaps the Mother of all Excellent Suspension Threads:
http://forums.pelicanparts.com/porsche-911-technical-forum/726309-78-sc-elephant-racing-suspension-rebuild.html
I did it a bit differently to Craig, taking a somewhat less ambitious approach for my 82 SC coupe:
- my car came with Bilstein front inserts (in Boge housings) and green rear Bilstein shiocks; I kept those
- I retained my stock torsion bars
- I went with Rebel RSR front and rear bushing sets (machined alloy housings with plastic liner/surface)
- Modified my spring plates to allow easier adjustment (like Rebel's own offering or look up post by CGARR)
- Trailing arm bushings I'd already replaced using Elephant's parts.
- New balljoints and new factory sway bar bushes.
- I then corner-balanced and aligned it.
Is it any good? I think so, but someone with more experience might have their own take. I took my time, paid attention to the cosmetics (blasted and refinished my control arms, had hardware and spring plates re-plated in yellow zinc, etc). It was a satisfying project done over last winter.
Statement of the obvious: many ways to approach this task, lots of opinions out there. Craig's thread is IMO a fantastic place to start.
Best of luck to you, John.