Very interesting discussion. I have a hard time believing that the wheel lift would work as described.
@dmattmul: have you successfully done what you are describing or is that what you are planning to do? If you raise the wheel using the wheel lift and then put a jack stand under that corner once you lower the wheel lift the suspension is going to put that wheel back on the ground. When you jack a car from the isolated side of the suspension,(jack point) the suspension is going to completely unload prior to picking the tire up.