I think that overall the Ford Barn is just about as good as it gets, regarding questions about reasonable modifications to the Early V8 Ford vehicles.. From time to time you might encounter a little resentment about your question (s) however, overall you'll get some good info... Now onto the question at hand;
The big question you should ask your self is... Do you want to just lower the car for looks, like we all did when we were kids in the '40-50's? Or, do you want a safe car that handles well, yet does not look like a off road vehicle going down the road?
Longer shackles will lower the car, that is the cheap way, however, stability and handling will be effected.
Reversing the spring eyes will lower the car close to two inches, with very little adverse effect on the cars handling.. Rather than go to a local blacksmith and/or spring shop I would suggest that you contact POSIE... They make great springs that have reversed eyes, while at the same time have other great features.. Talk to Posie's they'll steer you in the right direction to accomplish your goal..This would be the most cost effective method of lowering your car.
If you want to really lower the car, put a dropped axle under the front end, 2" is good for a every day driver type of car. Add a modified rear spring and you are good to go.
I have to admit that I am a member of the "Old School".. This terminology has become very misunderstood in recent years... In the '40's-50's if we wanted to lower a car, we heated the springs, "Torched", and/or added long shackles, if the car was a Ford, and never gave a thought as to how badly the car handled... We were cool...
