You cannot get a true LT setup out of the stock Banshee frame.
You'd have to go to one of the aftermarket LT frames to make that happen.
I am running the Laeger LT arms and Fox Float Evols on mine now.
Honestly, the price is right on them. You can have an LT setup for basically the same as LT if you're buying new arms and shocks.
Check with ATV Galaxy. They have pretty killer shock/a-arm deals. Some of them include brake lines and clamps even.