All these guys saying cutting springs is bad don't know $hit. I have replied to these post plenty of times. Let me just sum it up for you.
You can cut your springs with out any adverse affects, IF you don't go crazy. The typical max amount is 1 coil. That would yield you a solid 1" drop. You can go more, but you will start to have some problems.
Cutting your springs will INCREASE the overall spring rate. If the spring has a linear rate of 450 lbs/inch with 8 coils, then each coil in the spring has a rate of 450*8 = 3600 lbs/inch. If you cut off 1 coil the new spring rate will be 3600/7 = 514 lbs/inch. That will give you a nice drop while stiffing the ride up just a little. Cut off 2 coils then you have 3600/6 = 600 lbs/inch, and that is getting pretty stiff.
You also lose suspension tavel when cutting springs. What happens is that you run a great chance of getting coil bind (the coils on the spring hit each other and it does not act like a spring any more). Aftermarket springs are designed so that even with the shorter spring the overall travel of the spring is better, and thus not have probelms with coil bind.
I have had my front springs with one coil cut off for over a year with out any probelms. It rides just like stock. I also have 1/2 a coil off the rears with no probglems. Actually, I had some FMS C springs at one time and the directions actually tell you that you can cut them if needed, and that is straight from Ford.