What would a fellow need...

There would be quite a bit of work to swap over to gen2 suspension. Epically the front. Another Enthusiast and I actually compared my Regal to a 1st gen GP side to side. Although it was wayyyy too cold out at the time to actually attempt to swap any parts.

The rear suspension is very similar with the biggest difference being the strut and spring. The trailing arms are known to be identical, and the people have considered swapping the lateral arms. Although I'm sure if it's ever been done. The rear struts mount the same way to the rear knuckle (2 bolts). If you had rear coil overs already, a 2nd gen rear suspension swap may be very be pretty straight forward. Now, the Parking brake setup is very different. The 1st gen uses the rear caliper for the parking brake, vs the 2nd gen has a drum brake for the parking brake. We did not get a chance to look into this in the side by side comparison.

Now the front suspension......
The 2nd gen lower control arms are completely different and use a vertical bushing on the front. (instead of horizontal like on 1st gens.) The Struts are completely different. 1st gen's use a stamped steel knuckle welded to the bottom of the strut housing. 2nd gen's use a cast aluminum knuckle which bolt to the strut housing (2 bolts, exact same way the rears are).
We never did measure the bolt spacing at the top of the strut tower to see if they were the same. They do both use 3 bolts at the strut tower. And to make matters even worse, the Balljoint is flipped 180* compared to a 1st gen. With the balljoint attaching to the lower control arm and pressing into the knuckle. Now there is some hope... Some people have said the front cradles are interchangeable between 1st and 2nd gen's. I have never seen anyone ever actually attempt the swap however. Now, if the cradles are interchangeable, you would be able to solve the mounting of the lower control arm. Combine that with the chance the strut bolt pattern is the same, and a front suspension swap may be possible.

If you managed to swap 2nd gen suspension onto your car you "Should" be able to use any OEM 2nd/3rd gen wheels/brakes you want without any spacers.

I did manage to take some pictures when we were comparing the suspension. although more pictures were take of my suspension as he was doing the swap to his 1st gen and just look at the car if he needed. Don't mind the salt in the pics....
GO HERE