Bigger sway bars will do no good, unless you get rid of the sidewall flex of the tires. The stock sway bars are 1" front and rear! I've looked plenty already, and I haven't been able to find bigger bars that will bolt directly in place of the stock sway bars. I've found bigger bars, but they bolt with U-bolt clamps around the I-beams. Looks really crappy.
A 1"/2" drop really won't make much of a difference. How do I know, well my L is lowered this. It looks better, but not a noticeable difference. A 3"/4" drop will make a noticeable difference in handling. Ask anyone on here that has there truck dropped this far.
I too am in search of a more extreme handling Lightning. (Extreme may be overused, but damn, there are only about 5% of other cars that handle better.) I have purchased Nitto NT-450 275/50-17 tires for the front. Only about 1.5 shorter overall, compared to stock tires. They won't look like rubberbands, and you will notice the improvement. I also think the 40 series look like rubber bands, but I'd only buy them for track tires.
I've tried to feel out where improvements can be made that will be noticed. In a large sweeping corner at above 50mph,with the truck on the verge of traction, you can slightly move the steering wheel side to side and feel a LARGE! amount of flex coming specifically from the sidewalls. I get the same feeling when I'm driving on my 235/75-15 winter tires, and I don't even need to be cornering.
The poly bushings are worth their money to improve handling. Any money spent on larger sway bars will just be wasted if you are on 60 series tires! Go ahead and spend the $300 on sway bars, if you can find them, but the smart money to make a Gen 1 Lightning handle better would be on tires with shorter sidewalls.
If you really don't want to drive on 40 series tires, purchase a set of cheap 17" rims and some really grippy tires for the purpose of only track duty. Use the bed of your truck to haul them to the track, bolt them on at the track, and go racing. :tu:
Curt, or anyone else, I would be interested in your input on how much you think a panhard bar on the rear axle would help handling? Anyone know where to get one for our Lightnings?