The first thing you need to do is go whack the previous owner for butchering the springs.
You will get lots of different opinions, but here's my thoughts about "how" to lower your truck. If you are looking for the best ride, then use dropped spindles, or dropped lower A-arms with either stock springs, or stock springs with a coil (one or less) cut off, or a lowering spring.
My "opinion" is you will get a better ride this way because the spindle, or A-arm drop is a static drop, and does not effect your ride. That means you can run a stock length spring and a stock length shock, and still be 2-3 inches lower. This equates to a lowered truck with a "stock" ride.
If you add a good quality lowering spring, then you have a 4-5 inch drop, and a "sport truck" ride. This makes your truck ride firm, but not harsh when coupled with a good quality shock.
If your on a budget, I would get the dropped spindle (my preference) and replace the ruined spring with a stock spring that has had 1 coil or less cut.
I have done this a few times, and was very pleased with the results.....
