The problem with this setup isn't sway, so a sway bar won't help the problem I'm suggesting.
With the joint at either end of the spring, you are relying on the spring only to provide lateral stability. The spring will twist and let the axle move side-to-side under the truck.
With bushings at each end, the bushings have to compress before the spring even thinks about twisting. This adds a lot of lateral stability compared to the jointed setup.
Here's a picture of what I'm talking about and what will happen when you take a turn:
You can see that with the flex joint there is nothing there keeping the spring from twisting and allows the axle to move all over the place. The bushing keeps the spring flat.
Replacing a bushing with a flex joint will make a negative impact on how the truck drives on the street. The severity of the change depends on the springs they are attached to; a shorter, thicker spring pack with all the leaves tied together will resist the twisting but it won't flex well and that was the point in this whole idea, right?
Its easy to get TONS of suspension travel out of leaf springs with bushings and IMO, the flex joints simply aren't worth the cost and hassle.