A lightning bumper + Cobra hood doesn't look all that great on the F150. A cowl induction hood looks a little better imho with the L's bumper. Regarding dropping it:
"Despite the massive weight and size of this truck, the Lightning's huge Goodyear Eagle F1-GS 295/45ZR-18 rubber mounted on a set of trick-looking 18 x 9.5-inch, five-spoke alloys works in harmony with the SVT-tuned underpinnings. The front A-arm type suspension has been lowered about a half-inch, employing SVT-spec coil springs, gas shocks and a solid, 31mm stabilizer bar. In back, the live axle rides two inches lower atop a special, SVT-designed five-leaf spring system, with staggered gas-charged shocks and a solid, 23mm stabilizer bar keeping the rear tires planted."
It's going to take more than new springs to lower it like an L, but all in all that's not too expensive. (I'm sure most of those parts, or at least the stuff done to the rear can be ordered from Ford through SVO) Despite all the naysayers, I think dropping it makes it look good - sure you don't have the 4x4 option but it'll be better if you want to make it fast.