Steve,
The front of the car is 11/2 inch lower than factory, the rear is unknown to me in terms of ride height, but I figure it must be around the same as the front. You are 100% with the tyre choice thing, this was my major reason to go to 16" rims. I chose a 50 series tire as to go to 45 or even 40 series tires the overall look changes from classic to modern. This way the tires fill the gards in a nice way and still leave plenty gard clearance, plus the overall rolling diamiter is very similar to the original factory fit offerings, so my speedo will be acurate also.
Scott
If only the wife left me, I would have the time to finish the car.