I have seen them done, and have done the swap on other cars, but here are some things you should consider:
1) A corvette is a much wider car, so the top perches, the spring, the mounts, and the half shafts all need to be narrowed. If you have access to jigs as well as a tig welder, and are an experienced fabricator, this won't be too expensive. If you don't, expect to pay in the neighborhood of 2000 on up to have just this fab work done...
2) The corvette is a much heavier car than any s-10, and as such the suspension is designed for that. You can fool with different spring and shock rates(check out Dick Guldstrand motorsports), but in truth you might find your rearend so stiff, that it will hop even more. Also one of the reasons a vette handles so well is where the weight sits in the car, if you have sat in one you no doubt will understand what I am saying. They are designed so most of the weight sits below the center of gravity. Same goes for most indepenently suspended sports cars.
3) Because the corvette is a wider and heavier car, the rear suspension unit is designed to work as built. When you go and fool with it, by narrowing it and such(plus I think you will end up having to change the shock mounting points) It won't work right at all. I know this from experience, as we have put Corvette rear ends in a few 32'fords... The only thing a corvette rearend works in is a corvette-plain and simple.
We put a 93 vette rear sub in a 55 Chevy hardtop back in 96', and now the guy is scheduling to have it taken out and replaced with a standard triangulted 4 link and airride system. While this rearend looks kool, all polished up, he found out there was absolutely no benefit for using it.
If you are still interested in going IRS, I suggest you look into maybe a Heidts rear suspension system. They are meant for hotrods, and when you look at what a hotrod weighs, as compared to an s-10, you will find they are much closer in weight. Plus Heidts can help you with the spring rates and the like. HOWEVER... Don't sh-t a brick when you find out the rear suspension system costs as much as some trucks do(complete you are probably looking at around 7-8000(thousand!), plus the fab and labor to put in an s-10 frame.
Didn't mean to drop a bomb on you there or anything, just letting you know from someone who has dealt with this crap firsthand. Personally when a customer asks about this mod, I tell them if they plan on using the vehicle, to not fool with doing this. But by all means if you go through with it, let's see some pics! Cause when they are polished up, they no doubt do look kool!
I have to agree with ARCdidit about the vette rear end. To shorten the axles enought o work, would cause some serious driveaxle issues because they would be so short.
On the other hand, There are IRS' out of cars that are close to the right width. Check RX7's, 300zx's, and supra's for a start. I haven't done a S10, but I have done some imports with RX7's. And my own truck has a 300zx rear in it.
I was going to refer you to [email protected] but looks like he has already been in here. Honestly if you have anymore questions about the IRS he is the one that can help you... His rear suspensions are a true form of artwork and craftsmanship.