Looking good. I love the clean & compact footprint of the Holley Mid-Mount set-up.
As for the Air Ride vs. C/O suspension.... It comes down to what YOU ultimately want. I have had air set-ups (basic manual set-ups only) on multiple trucks over the rears. They're great for adjusting ride height when I'm pulling a trailer. But they can have issues & can be a source of aggravation @ times when supporting pieces fail (compressors, pressure switches, height sensors) while not @ home.
That being said, seeing as you are talking about a GM A-body, the chassis is basically like the C/O option w/o the adjustability. The good about the C/O's is the ability to easily tweak spring rate vs. an OE configuration replacement/aftermarket coil spring but I'd bet most replacements springs get the job done as-is. Next is the ability to tweak/adjust small ride height changes as well, So, C/O's get the nod for adjustability over traditional coils if you are the type that will want to 'adjust' things beyond the initial setting up.
Maybe the answer is in the realm of do you like to tweak things, or do you tend to leave things alone if you're good w/the initial set-up?
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