Dateline: Nobel, Ontario. Sunny -10C with -15C windchill. Welcome to Spring!
Last thread we talked about things you can do to your stock Bullit, and aside from wheels, tires, adjustable shocks and new gears you can do it all for a few hundred bucks. I suggest you do that first. And, if you still want to lower your car, here's the options. I'm going to do it in stages so you get an idea of what you are looking at money wise and unintended consequences wise. (FYI, a stock Bullit Mustang has about 4-5 inches suspension travel from full "droop" to Bump stop under compression.)
First a couple of cautions: Does your state or province allow you to lower your car? In Ontario, a new safety inspection process is in place and you basically have 1" variance allowed in stock ride height. What's your regulation?
***Do not cut springs to lower your car, ever!. It's not about ride height or spring rate, it's about overall length of the spring. Lots of people do it and they are taking chances. I have seen a car with cut springs hit a big bump, spring came out of the top spring pocket, cut down the tire, and you get the idea... Okay, that said, here we go.
Stage one: Springs only 1" drop. No real issues other than labour involved, springs ~$400+ labour and alignment (may need camber bolts) This is a "street drop" and should be fine for daily driving and cruising. Ford or Steeda sport springs work well, very little ride deterioration.
Stage two: Springs and Shocks 1" drop. Same as stage one but with matched shocks. ~$800+ +( some kits go to 1 1/2 drop, ask it's a big 1/2")
Stage three: Ford Performance handling pack 1-1/4" drop. This is a matched kit with shocks, springs, sway bars (Fr. adj.), adj. panhard bar, and bumpers/hardware. 2001 Bullit, $1449, $1799 w/adj shocks , 2008 Bullit, $1895, $2350 w/adj. shocks. (Shouldn't need camber bolts but maybe bump steer kit? ~$200) + installation/alignment, of course. There are other companies that make these kits but I know these work and the ride is OK. This is a good set up in that you are adding adjustability and everything is designed to work together. A good all round set up for street and track. Pay the extra for the adjustable shocks, you won't be sorry.
Stage four: Track and street 1- 1/2" + drop. Maximum Motorsports makes a total package that gives you what's in the FP packages plus shock tower brace (01) frame stiffeners, and a bunch of other stuff. $2600-$3000+ This is a great package, and now you are entering competition and occasional street use territory. Once you lower more than 1 1/4-1 1/2 " you are rubbing curbs and your oil pan will need protection. These packages often include camber plates, and lower control arms to correct geometry. Ride is not "street pleasant."
Stage five: 0-2 1/4" drop. Coil over Shock package set up. This costs the most money but allows for the most adjustability. We're talking adjustable ride height (you can corner balance) adjustable shocks, room for bigger wheels and tires (using smaller diam. springs) Adjustable sway bars, end links etc, etc. $3500-4000+. Nice thing is you can have two sets of springs and have a street set up and a track set up. Mark all your ride heights and alignment adjustments and you can switch back and forth in a few hours. This is the "Bullit" of Bullit set ups. There is a fairly long learning curve to optimize all of it, but for a racer or total track rat, it's the way to go. Springs are only about $50 ea. so you can really dial your car in for whatever use you have in mind. For the Trans Am car we had about 40 springs. You may require rack limiters with big tires and you have to watch for brake hoses being too short. Once you get to stage 4, "Mister unintended consequences" is sure to come knocking." Hope all this helps to point you in the right direction, or just be happy with what you've got.
PS Bump steer tie rod ends are made with hiem joints, they can be noisy and are a service item, as they are an open joint.