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Quantatively, I don't think you could measure it. In theory lowering the CG lowers body roll, but measuring the difference would be tough.
I would think skidpad measurements would improve as well, but don't know by how much.
Qualitatively, it'll "corner like it's on rails, rides like a sports car should, doesn't look like a 4x4...." you get the idea.
One thing I would definitely stay away from is lowering the car more than the stock adjusters allow. Going down that road requires shorter shocks, scraping on every lizard you drive over, and the suspension doesn't work as well.
Lower is better as long as the suspension can work with the geometry at that level. For Corvette's you can definately go too low. If you had coil-overs it might be a different story.
I personally would not lower past the factory adjusters. I lowered my C5 shortly after I got it in early 2000, so I know what your talking about regarding contact and looks.
I will lower my Z06 just because of the looks, but my 1st track event is a week from Sat. and I'm debating on the benefits of getting it done (4 wheel alignment) before I go.
Lower and alignment with corner weighting worked very well for me after having my Coupe on track for almost 2 years in stock form. Not sure what piece had the most effect but the corner weighting was off from stock and lower CG did seem to make a difference, also having a mild track alignment at -1.0 up front also made it feel better on track. My lap times that were still improving by little bits up to that point came down by 3 to 7 sec's a lap at a couple tracks, so overall it was noticable. Again, lowered on stock bolts.
Randy
Like any other change, if you don't run stock for some period you can never quantify the impact.
Ride height is a useful tuning tool, particularly since we are blessed with the type of adjustment the Corvette provides. Its not just a matter of dropping the cg, its being able to corner weight and manipulate the front/rear balance easily.