Definitely don't want the nose too low, IMO. You'll get much more bump and torque steer for reasons mentioned above.
Here's the thing about the front strut plates. Ideally, you'd want them to be zeroed out from the factory. If you look at the strut caps, you'll notice a notched edge w/ a line on the cap that's riveted on as well as a few more linees on the strut tower itself. this indicates how much adjustment the vehicle has left for camber AND caster (caster is seen the length of the vehicle and camber is seen the width of the vehicle).
Ford, for some ******** reason, set most of these adjustments further positive. Instead of designing it right, they band-aided it. Now this is were you get screwed. The SHO's generally sit at about 3/4 to 1 degree NEGATIVE from the factory. If you lower your car 1 1/2" - 2", you'll run out of positive adjustment to make the car track straight and/or prevent tire wear.
The rear has a metal eccentric (about a 1 1/2" large) to adjust rear TOE. No Camber adjustment is available from the factory. This toe adjustment is also very lame, as mentioned. About a 1/4" MAX adjustment is available on the typical setup, which might be just enough, but won't fix your rear negative camber issues.
You have a few choices about the bump steer. First, you can space the rack on the subframe with some stout washers. If this isn't enough, you may need to modify the firewall/floorboards which can be dangerous (structural weakness). I've also seen some spacer the rack AND the outer tie rods by welding on a spacer to lower the outer on the spindles.
Either way you go with the mods (for the rack), make sure you do it with your own safety in mind. Losing your steering is NOT a fun time.
As for the axles, it'd be possible to cut the ears down a bit on the motor mounts and have them rewelded to lower the engine, but now your oil pan is lower than your subframe... I'd just rather not lower the SHO that much!