Dropped axle is the most drop for the buck. Get your original axle dropped by on of the vendors here on the HAMB.
If your NOT using a flathead, A friend of mine installed a dropped front crossmember from either speedway or Chassis Engineering (Cant remember which one...) And it dropped the front just about 4" (Cant remember if he took some leafs out of the front spring or not),... No messing with the spindle arms or anything else.... He really liked the way it worked... But to each, his own.
Drop the axle as mentioned before. The benefits are that the wishbone and spring and distance to bump stops all remain in the stock position. Just make sure your steering gear has enough clearance when sitting on the bump stops.
My 46 Ford Convertible has a 4" dropped axle, 350/350 Combo, split wish bones, power front disc brakes, GM 605 power steering and drives as good or better then several cars I've had with Mustang ll front ends.
The easiest way if you just want to get it down two or three inches is to make some longer shackles. With the stock panard bar it isn't a problem with handling.
You can get another inch and a half or so from reversing the main spring along with the dropped axle. Posted using the Full Custom H.A.M.B. App!