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First comment is to Toque, I've never seen a stock Vette that sat so high, it looks quite a bit better lowered and I'm sure it handles better, too. Next comment, I used a hacksaw to cut the bushings and it worked just fine. Nothing more sophisticated is needed. Lastly, to Kbreese, considering what I know of the roads on Long Island, I would suggest first just lower your car on the stock bolts before you elect to do anymore radical adjustments. Drive it a little like that and see if you have any problems with the NY roads. However, if you should desire to go lower with longer bolts and cut bushings, you can always raise it if you need to. Cutting the bushings is really not that hard to do. I did it myself on jackstands in about 1 1/2 hours. I'll be careful driving because it looks too good to raise back up.
Lowering on stock bolts should give you about an inch lower front and rear. It may not sound like much but visually it is quite more noticeable than you would think. The only problem I had was that because of the way the wheel wells are designed, as the car gets lower the space between the tire and the well opening looks greater in the front than the rear. This is partly because the front wheels are smaller in diameter and the front is cut slightly higher for clearance when turning. At this point I decided I needed to cut the front bushings because the space was bothering me visually. I figured if it was too low I could crank it back up. Cutting the bushing about 1/2 off gave me exactly the height I wanted. Both wheel wells look similar in distance and the car has a very slight rake in front. I measured my car's height today in comparison to a friend's car and it is sitting about 1 1/2" lower than his. It's now PERFECT (to me, anyway) and the ride doesn't change at all.