Wow I have never seen that before.
Not the best option for sure, lift springs are far better option. for a couple reasons.
Stock springs are negative arch so you can't really gain much travel with a stock spring. So this is purely for lift no other advantages and the cost is really close to a good lift spring as Chris said.
If you cant weld you are probably looking at at least a couple hundred for installation of it too.
And if you can weld you can build said drop hanger for maybe 75 bucks, a hundred if you don't have any steel laying around, might not look that nice but its not a hard piece to build.
Another possible problem I see is how the rear mounts. That one plate might be enough added strength but I have put the shackle hanger under the frame and the frame did not like it at all
But hey now we have a link to point to all the guys (rare) that come here saying I need to fit 44s but don't want to cut anything