Drop spindles or cut-coils for the front, and lowering springs or lowering blocks for the rear. F.Y.I. if you put lowering blocks on it, the Addco rear swaybar won't fit if you ever decided to run one.
Most I've read people say cut the front springs. Now coming from a German car, well only German cars, the springs are progressive rate, and if you cut them your suspension doesn't handle for shit. These cars have a linear rate spring, so cutting a coil doesn't have any effect on the spring rate. It does, however affect the shock bound and rebound dramatically. The valving is not right anymore and will result in blown shocks in no time. A set of front shocks with a lowering spring in mind is a good plan, due to a shorter rod, and better valving for the springs. The same goes for progressive rate springs, but with the suspension designs on these cars, I don't see a problem with other parts of the suspension when cutting springs. The rears, there are some options out there. Lowering blocks are okay, not my first choice, but buying a set of lowering leaf springs is a far better option. its a new leaf, instead of using a clapped out set of sagging leafs, that should be replaced anyways. Some say sagging springs are good for lowering cars, but the ass will dip so much more, then if you got a set of lowering leafs.
The ideal (and most expensive) way is drop spindles up front and reverse-eye or mid-eye springs in back, however cutting 1/2 to 1 full coil won't cause any problems and no special shocks are necessary. If you cut too much, the car will experience bump-steer.