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There are no pros to raising it. The car is supposed to sit at a slight rake, lower in the front than the rear by approximately 1/2". If it's raised up you will reduce stability at highway speeds, it'd probably also negatively affect your gas mileage.
You need the air dam to direct air into the radiator so removing it is a bad idea. As mentioned, its spring loaded so it absorbs any contact with the ground.
I'm not certain but I always thought that the stock bolts were fitted at the max height at the factory and that the only option was to lower the car.
Are you sure the car wasn't lowered by a previous owner? If so, you could go back to stock height. If you're just scraping on the driveway try going in at an angle. If its on regular roads I'm surprised if its at stock height. I only had problems over speed ramps in Vegas.
Have you read your manuel lately???? This is expected by GM.
Think of that scrapeing sound as a good thing.
You could never be a NASCAR driver they are lower and drag
all the time.