FYI, you should choose tire sizes carefully, I have bought 29-30" tires for my work trucks for over 15 years. The 30" size was stock for 16" wheels, the 15" stock size was 29" tall. So the tire size can help you to get lower by a small amount. A 29" tire will allow you to make it 1/2" lower than a 30" tire will, and the tire clearance is the same given that difference in tire size. So try to pick a somewhat short tire with the width you want.
The stock 235/75/15 tires are 29" tall, and note that the most accurate diameter for the speedometer, is 30" exactly. So shorter tires will read faster on the speedometer. I have been using 245/70/16's(29.5" tall) most of the time, it's typically cheaper than 255/70/16's(30" tall), and the speed is fairly close to accurate.
When you begin to get closer to final decisions about the height, remember that going lower will require stiffer springs. That's not easy to change fast in the front, and it takes a while to choose and get stiffer torsion bars. I picked a "B" bar for the front of my Mountaineer, which stiffened it quite a bit in 2007 when I rebuilt the suspension. That is stiffer than I'd like, and the Mercury had fairly soft springs to begin with. I expect to aim for something a little softer when I upgrade to coil over shocks and springs. I hope the guys here with experience with those, will help me choose.
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I don't remember if I said it, but 17s or 18s and 29-30 inch tires is the current goal.
I'm already halfway there. I've already dropped the tire size back down to a 255/70R16 IIRC, although they are still Falken Wildpeak all-terrains. I don't remember the exact numbers, but it was a 255 on a 16 and about 30" overall diameter. I haver thought about doing this with the truck a lot over the years, but that time (a few years ago) I was not as comitteed to this course of action and was questioning keeping it, as such I was aiming to return it to stock when I bought tires. Lots had happens before, and lots has happened since. I'm now pretty comitted to keeping it and making it into a fun, usable toy. I should probably stay on topic though.
So yes the truck is already on 30 inch tires and I was already figuring on 29s as being about the smallest I wanted to go.
I'm not too concerned with speedometer accuracy. If it is on great, if not I'll either take steps to correct, or just remain concious of it while driving. It's nothing new. The speedometer wasn;t exactly accurate with the taller tires, it wasn;t correct in my 84 Ranger, and it isn;t correct in my 68 F-100. I just make mental note of it and keep that in mind while driving, though I do have a digital GPS speedo on the dash of the F-100 when it works.
That's another plus to the coilover conversion, much better control over ride and larger range of options on spring rate. I'm hoping to avoid any replacement T-bars and go straight to coil overs when the time comes, but we'll see how that works out.
The rear suspension can't go very low due to the rougher ride, which gets tougher when you go below 3", it bottoms out more so you end up going to much stiffer springs and shocks. I'm pondering an IRS project if something would fit well.
I'm a little more fortunate in the fact that I'm working on a Ranger not an Explorer.
Talking nice round guestiomate numbers here. I can get 7" off stock height in the rear without touching the frame. Remove the factory lift block for 2". Flip the axle for 5". Not a lot of room for travel at that point, but it is doable. That's factory though and I'm not factory or going for 7 inches.
I've currently got approximately 6 inches of clearance between the tire and wheel arch. I've currently got a taller explorer spring pack in palce of the stock pack with block, going back to stock pack without the block will drop 2". I've got extended lifting shackles, removing those will get me about another two inches. It is a truck so a little rake is appropriate and I may stop there which will drop me down to about 2" of fender clearance. I can also install short shackles for about another inch of drop, putting me at 5 inches.
If that isn't enough I've got a couple of routes to take. Either I can continue with the axle under the springs, or I can flip the axle.
Keeping the axle under the springs, next I can flip the rear hangar and chackle. If I'm still running the short shackle this will gain about another inch of drop so I'm down about 6 inches, or 7 inches if I'm using the stock shackle. By reinstalling the extended shackle with the flipped hanger I can get that down to around 8 or 9 inches of drop from curent height and the only thing I've touched on the frame is 8 rivets.
If I take the other route of flipping the axle I'll need to undo a few things. Start by keeping the Explorer springs and extended shackles, but flip the axle to spring under and I'm down almost 5 inches right off the bat. After that its similar progression. Remove the extended shackles for 2" puts me at 7" drop. Changing for stock springs puts me at 9" drop, adding short shackle is about 10" drop. I'd absolutely have to be notching by this point, but I could get 11-14 after flipping the hanger or 16 if I put the lift block back in as a drop block.
I already own all of the parts to do any of those configurations save for the short shackle, the hardware for hanger flip, and materials to notch the frame. Please keep in mind that all of those are rough guestimates from current rear height and taking cut bumpstops as a given. Also everything past about 7 inches is completely pointless since I couldn't go more than 5-6 without tucking tire and I don't like the a$$ dragger look.
Most likely scenario is stock Ranger axle, stock Ranger springs and short shackle for 5" of drop from current height. Next up would be an Explorer axle in spring under with Explorer springs and extended shackles for about a 5" drop from current, or different shackles if I need a little more. That would be a drop in 31 spline LS disc brake 8.8" (got that already too) install, take advantage of the Explorer's anti-wrap bars, and I think I've read in the past that spring under has some performance advantages to spring over.
I've got my rear end covered (pun intended), I just need to figure out the front.
Wow this post got long. I probably should have split it into a third.