My old '00 was lowered a true 3" in front and about 4" in back and here's the parts list I used...
Western Chassis drop A-arms in front (a 1" drop).
So-Cal Speed Shop springs (a 1.75" drop).
Ford cam bolts for alignment.
Doetsch Tech shocks.
Hotchkis sway bar.
After everything settled and after the alignment it was dropped 3".
For the rear I used...
Western Chassis hanger kit ( 2" drop but it can be set up for a 3" drop).
Hotchkis leaf springs (2" drop)
Stock shackles.
QA1 adjustable shocks.
Western Chassis C-notch.
Custom made sway bar.
Again, after everything settled the rear sat 4" lower than stock, keep in mind this was a 2000 truck which were lower ride height factory vs. the '01 & up trucks.
The ride was actually pretty good but if I went any lower in front or back I would be tearing up fenderwells and tires.
Chevy and Ford shackles are the same basically so don't expect any more than a 2" drop no matter what the advertisement says. The stock leaf spring can't extend enough to drop more than 2". Also, the Hotchkis leaf springs are now rated higher than factory so your payload won't be completely lost and there's always "helper" air bags if you still want to tow or haul heavy stuff. Firestone and Air Lift make kits for F-150's that will support an additional 1,000 lbs. although with a c-notch you'll have to get creative with how you mount the bags.
My only other piece of advice would be to stay away from DJM products. The quality control is seriouly lacking on a lot of their stuff. I have personal experience with them as well as friends that have had parts break due to s**t welds.
I'll find some pics of my old hooptie and I'll post them up for reference later on.
;w
http://www.f150online.com/galleries/pictureview.cfm?pnum=65576&anum=205