Well, I've much improved the Quadra 5s by cleaning and lubing. They were dropping when I sat on board but not really returning, they are now reasonably smooth. 48mm isn't much travel, especially when some of it is accounted for with sag. I've backed off the preload on the left hand leg, which means I get more sag than I want but at least the top cap is staying in place. I'd love to get hold of a replacement cap but I won't pay $53 for an NOS.
I've built 5 self designed, road worthy lightweight sports cars, making my own suspension components from scratch. I had no problem replacing the rear end of a Voodoo Canzo with a steel one. It vastly improved the handling and turned a dog into something quite nice. Therefore the self build option looks favourite.
I'm looking at a modified version of the Girvin Vector with 3" of travel, using a 165mm air shock. It will raise the handlebar by 30mm to begin with and I'll raise the front end further to get a more raked steering head and allow for the longer travel. Watch this space.