It's happened before with MGB suspension. Usually at significant cost and questionable benefit. The advantage of five link as said earlier is ease of changing ride height and spring rate. But where the cost is £X,000 I don't imagine there will be many takers, especially from those who change cars frequently.
Yes Dave, I tend to agree, I have taken up quite a lot of time looking into the Morgan trad suspension set up, made some changes on my +8 that resulted a very well handling car, but the trade of was comfort. Great for track days, not so good on bumpy pot holed roads. Its all about balance. I have some ideas for the rear end keeping the standard set up with some minor inexpensive tweaks, and likely to be easy to implement, which I will be experimenting with over the winter. I have discussed these with those more knowledgable than myself and the general consensus is that it will probably work, improving ride and handling, by how much we will have to wait and see. Once I have tried and tested I will advise. I have some similar ideas for a simple trad front set up, but will this will take a bit more time and money.
IMSO there is only so much you can do with rigid beam axle, and a pillar suspension system.