The classic is the same as stock height. It just goes on over the factory fascia. If you paint it to match car it looks freakin' awesome and you don't have to cut-up your car.
No it doesn't hang below at all. Check the installation instructions at Classic Designs website and you will see what I mean. It uses the screws that attach the fascia to the fender and 3M tape across the front. It covers the bottom of the factory fascia.