You've got several options for lowering the car, but how far is up to you and depending on what you feel is adequate road clearence. I've lowered my Mach a bit by lowering the front and rear both by approximately an inch, but still feel there it sits a bit high.
As for your options, much of what Edbert said is correct. For the front, assuming you want to maintain the stock suspension design and most components, you can:
1) Do the Shelby drop on the upper control arms... this lowers the upper arms an inch, but typically only gets you max of 1/2" (if any) lower. The main goal of this mod is to improve suspension geometry. The price is right: FREE!
1a) 1.75" version of the Shelby drop using Pro-Motorsports negative wedge kit... This is the one I did and it did lower the car about 1". The further lowering of the upper arm requires the use of the negative wedge kit, but the benefit is that you get significantly improved suspension geometry (near perfect according to Pro-Motorsports). Cost: $270ish (just for the kit, upper arms not included).
2) Lowering springs... These will typically lower the front end about 1", and benefit is that these are a higher rate than the original springs. Combine the higher rate and lower stance, and it should improve handling a bit. Cost: under $100 easy.
2a) Cut your current springs... this is a viable option assuming you have access to a cutoff wheel (do not use a torch!!!). Its a trial and error process... remove springs, cut 1/3-1/2 coil, reinstall, see how it sits, repeat until car sits as low as you'd like. Cutting springs will also increase the rate, making them a bit stiffer, which again, should be good for handling. Cost: FREE!!!
3) Air ride suspension... I mention this because it often gets overlooked. Its expensive, and while handling is usually ok, its not designed for that reason. Still its totally adjustable, so you can raise or lower your car as needed.
4) Drop spindles... I've never seen anyone use these, but they are available and lower the front approximately 2". I hear prices are relatively reasonable, but don't know specifically.
For the rear, your options are pretty limited if you're using the original suspension design...
1) Lowering leafs... these come in mid-eye or reverse-eye. I used the mid-eyes and I got about an 1" of lowering. I suspect reverse-eyes would get you another 1/2" or so. These come in 4 or 5 leaf configurations, so you can opt for higher rates for better handling if you want. Cost: under $200.
2) Lowering blocks... this is a tried and true method, used for years on the street and in racing. I've seen lowering block kits with 1" and 2" blocks. They bolt inbetween the axle and the springs, thus essentiall racing the axle in the chasis, providing lowering. Cost: under $30.
I think that is about it... One tip though: if you're rebuilding the suspension, decide now if you're gonna do springs or the Shelby drop, because now would be the time to do it. Otherwise you'll have to do a ton of work later and pay for yet another alignment. Prior planning can save tons of both.
Hope this helps... Good luck!
