Car Lowered itself?
Mine is a 2003 and has the same problem, my cure was to simply remove 1/4" from the front spoiler to prevent it from being constantly torn up. Scraped on everything with no other explanation than the springs in the front settled. Mine was 1/4" with 26K miles, love the effect and the car does use the full ground effects especially when over 85. Car feels like it was pasted to the asphalt or concrete.
This would explain the 1/4" drop but cannot see why a full inch in front end lowering occurred as it is not the compression spring taking a set unless was deliberately heated, car resting on blocks, and then allowed to cool, this was the way to lower cars back in the day, mid 60's.
The 1" drop you state can be verified by taking a measurement at the center of the wheel to the edge of the front fenders, record this number and visit your local Chevy dealer used car lot and check against the same model on their lot. They should be the same values or within 1/4 inch. If not, and this is a driving concern, then replace the front springs by the dealer which will also re-align the front end, checking the rear. The Corvette is already low, my C-5 is lower than a C-6 as an example by design at the factory on all 4 wheels by 3/8".
Just an engineer expressing an opinion and hope this helps.
Tailpipes on my 56 Bel Air Convert would scrape going down the driveway.
OGC5



