From what I've seen and heard, if your going to pull the sway bar you should really consider re valving the existing shocks or upgrading the shock completely. The stock shocks are set up for a sway bar and once you remove it, one should make the shock change / upgrade to compensate for the change.
Some guys will crank up the pre-load on the springs, but really just limiting the capabilities of the shock.
For example, with a sway bar removed the sled will feel more nimble side to side but all your really doing to collapsing the shock easier.
Now take it one step further and put the sled on a side hill. While side hilling, without a sway bar the shock will be collapsed more (less travel). As you traverse the side of the hill and happen to strike an object like a tree, rock or just hard snow, there is less shock travel to absorb the hit. this translates to a heavier hit that is transferred through the sled and ultimately to you.
Now if you have the sway bar in or removed and shocks upgraded, your maximizing what the shock is capable of. The sled is on edge (sidehill) with more shock travel being utilized.
Anyways, that's what I've come across and have been told, hopefully that makes some sense. ha ha
In a nut shell, stock shocks equals sway bar in. Sway bar out equals doing some kind of shock work to compensate.