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