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Do I need to change stock shocks. If so what will fit on it.
Do I need to take off the front air dam. It rubs a lot now anyway.
Is there any other concerns about rubing underneath. I have seen a strip to mount underneath to prevent getting something damaged. Any problems with the oil pan, filter or exhaust pipes. I assume you will need to get it realigned. Thanks
No need to change shocks if you don't want to. I lowered on stock bolts with the F55 suspension without any dificulties.
Leave the air dam alone. If you think it's gonna scrape, try taking hte obstcle at an angle. The middle piece is spring loaded so it moves out of the way most of the time. It sounds a lot worse than it is. The side pieces flex. They are designed to do this and they're pretty cheap to replace if they get too beat up.
No other problems and yes you should get it aligned after a hundred miles or so have been put on.
I lowered mine on stock bolts-cut the rubbers off on the front. Stock shocks never bottomed out. If you decide to get new shocks you might look at the C6 Z06 shocks. They bolt right in and are supposedly 1/4" shorter than C5's. I didn't check the difference when I installed them but they haven't bottomed out either.