I recently purchased a used 2003 Ford F-250 4 x 4 with a v-10. It has a 5 1/2" Fabtech lift w/ dual shocks in the front. Tires are 33". I want to get the best - smoothest ride - out of it that's possible with the current set up.
Will air bags do any good?
Any other ways i can improve the ride?

 

Air bags will do nothing for your ride while unloaded. They will however improve handling and ride during heavy towing.

You currently have the ride you will probably have to live with. Other than possibly changing the shocks there's not much else you can do. Even a shock change to a VERY high end shock is going to be a minimal change to notice.

Buck