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I recommend going with coil-overs. You can find some good deals on used sets for $1000-1200 on the forum.
I tried the following:
1.) Lowered on Stock Bolts. Free. Ride was a bit stiffer than at the raised height. Looks better than the 4x4 look, but not low enough.
2.) Installed longer bolts in the rear(7"). Better look. Horrible ride quality! The car actually bottomed out all the time because there wasn't enough suspension travel.
3.) Pfadt Coilovers. Lowered with 1.5 finger gap between the tire and fenders. Had the car corner weighted and aligned. The car has 16-way adjustable shocks that ride smoother than stock when set to 6(r) & 7(f) and inspire confidence on the track when stiffened up to 8+(r) & 9+(f). BTW, I'm an HPDE noob. The coilovers allow you to lower the car and maintain full-suspension travel.
I think alot of us try it in stages. First lower on the stock bolts, then aftermarket bolts, then aftermarket bolts + shocks.. finally getting to where you really need to be if you significantly lower the car - Coilovers.
fortunately, it's very cheap to try out the first few steps. You can even get a lot of your money back from the shocks (both oe and the aftermarkets) when you decide to go coilover.
Do it in stages, find out what you can live with... learn a lot about your car along the way.