Scott,
Replacing all of the U-joints is the first thing I did when I bought my 86 with 98,000 miles on it. The half shafts are fairly easy. Haynes has an excellent repair manual that details each step. The only thing I did different was I took off the lower control arm at the wheel end instead of the differential end. That way I didn't change the alignment. I also C clamped 2 pieces of wood on top and below the fiberglass spring to protect it and keep the jack from slipping. Get a "Jack-a-Vette" attachment for your floor jack. It slips between the two exhaust pipes and has a notch that mates with the differential - works great!
Each u-joint bearing cup that was pressed into the aluminum half shaft had nothing but red dust in it and bits of needles. The ones that bolted to the iron yokes on the differential and axle stub were in great shape - lots of good lube left. That's why I hear folks put down aluminum drive shafts, due to electrolisis. If you have never pressed in u-joint cups before, then I'd suggest taking them to a drive shaft shop. If you buy the u-joints from them, they'll install them for a nominal charge. If you want to try it your self, you can use a large vise and a socket to do it. Personnally, I use a 12" C clamp. It also works great on retracting brake caliper pistons.
The drive shaft is surrounded by a channel that connects the transmission and the differential. It looked to me that I'd have to jack up the back of the car too high or put it on 4 stands to get to the drive shaft. I chickened out and had a shop with a lift to that part - glad I did. If I can't hold the car up with 2 jack stands AND my 3 ton floor jack, then I don't get under the car.
While I was at it, I also replaced the rear wheel bearings. Bought some after market ones from one if the Corvette mail order folks. Wish I'd gone with the AC Delco ones. The after market ones have soft wheel studs that feel like they're about to give at 100 ft-lb.
It is really worth while to do all of this - makes the car drive much smoother.
Dennis