Yeah, that's what I read on Tombie's post in the Good Oil, but nobody does them - everyone else seems to do 50mm :)
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The issue with this is that you are lowering the rear spring rate.
Usually it's done the other way around - 30mm spacer for 50mm lift. Reasoning is to increase the rear spring rate to compensate for the extra body roll caused by the vehicles centre of gravity height increase.
In my opinion, On a standard vehicle SLS is firmer in the rear than coil springs. I don't believe that running a 40mm lift with 50mm spacers will make a noticeable difference. I think good quality shocks with a firm rebound will make more difference to ride quality and body roll than spring rate ever will.
Anyway, it is a 4wd, not a race car so some body roll is to be expected. I don't have any swaybars on my D2 and the body roll is not excessive.
I think many people start over thinking things too much. The springs control the height while the shocks control the ride. If you go for cheap shocks like the Tough Dogs or Terrafirma then you get a cheap ride. I would always go for the best quality shocks you can afford. And always remember, rebound rate is much more important on SLS than it is on coils.
I can't comment on the 50mm/2" setup, but on my 75mm/3" lift I have had my spacers reduced down to 60mm and the difference in the handling was a noticeable improvement from the firmer rear end.
I don't know how you drive without swaybars connected. Having had my ACE fail at 60km/h, the sway on the vehicle was disgusting and I don't feel that the vehicle would be safe in an emergency manouvre.
Same, I have Graeme's ACE controller and its pretty wobbly and unresponsive without the sway bars active. I think that rear sway control on these things are particularly important as that's where most of the roll and general instability comes from. That's not at all to invalidate anybody else's findings because we are all setup differently and even small changes to suspension ride height changes things a lot IMHO.
You are running a 4" lift Simon, I think that might be a big influence on body roll. ;)
But seriously, my Range Rover has heaps more body roll than the Disco, so maybe I'm just used to that. Back in the old days when I had the last D2 none of us in our group ran with rear swaybars connected. I really don't fell a huge difference. I thought the front made more of a difference.