I think the eibach drops are great, 1.3" in the front and 1" in the back. More weight on the drive wheels. However, WeaponR makes coil overs for our first gen's and you can adjust them from stock to -4"s. I like to street race, and you don't want your car too low, rallying is great!
i got a set of intrax and it lowered mine down to the tires in the front, and about an inch off of them in the rear. i am also running 55 series tires. they claim a 1.75" all the way around, but realisticly for me it was, 2" (front) 1" (rear).
as to the question about being to low. i wouldnt want to go much lower than 2". i scrape on alot of things if i am not careful. also the front air damn is lower than curb height on mine. so parking gets a little tricky sometimes b/c i cant see where the front end is.
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