Worn out leaf springs might give slightly more flex than new ones, but it's at the expense of ride height without the longer shackles to make up for it. Longer shackles will lift the rear back up and restore height, and also allow more travel since the longer shackle lets the back of the spring droop farther since it's longer, and compress farther since it goes back more. The tradeoff is the spring wears out even faster, but since leaf springs only go so flat, and people don't usually replace then until they break (yikes), the accelerated wear usually isn't noticed.
You can do the usual WAR153 shackle / F-150 spacer mod if you want 1.5"-2.0" or so of lift, but you can also just use washers or smaller 1" spacers and either custom make your own 1" longer shackles (or get cheap universal ones from a parts store or call James Duff and ask to buy their 1" lift shackles). I would say max 1" of lift would be better if you want flex, as 2" seems to be rather high at the expense of droop.
Old soft rubber bushings are fine, the difference in flex is minimal compared to broken-in polys, but every little bit helps on stockish rigs.
The radius arms will help a ton, you can either buy a custom setup (James Duff, Camburg, etc. all have extended radius arms that will work with small lifts), or just modify the stock arms and crossmember, using some serious steel tube to add length, and move the radius arm bushings back just in front of the transmisson mount (or have it as part of the transmission mount like a lot of aftermarket kits do).