The problem with any long arm/short arm suspension system is that the camber changes as the tire travels up and down through the suspension arc of travel. If you lower the car by cutting the springs, static ride height now has the tire at a different point in the suspension travel than the factory design point. Trying to achieve the factory camber spec at this new ride height will be difficult if not impossible, since you may run out of available camber adjustment. Even if you are able to achieve the factory alignment, since the tires are on a different point in the camber curve, handling and tire motion will be different from what was intended.

The alternative is to use lowering spindles. This maintains the stock camber curve (and thus the stock alignment capability) since they raise the tire relative to the rest of the suspension without actually changing the suspension travel or geometry. Unfortunately, I do not know if lowering spindles are offered for your car. Any suspension parts for a 1971-76 Impala will fit your Olds, however, so there is a possibility.