To start off, with IF you uncrank the Torsion bars it will be almost too lose, but it is possible. The fenders probably sit on the tires now, At most it will lower it around 1.5"- 2" So Find a tire thats about that much smaller if you want to go that much lower.
The smallest wheel you can put on there is a 16.5
Gearing in my 97 5.4L is 3.55. Thats the most common i have seen. I have heard of the 3.73's coming in a 4.6. Just read the tag on it and find out. most likely it will have the trac lock so the number will read 3L55 or 3L73 on the lower left side of the tag.
-Adam
p.s.- The big wheels in 97 were 17"
The smallest wheel you can put on there is a 16.5
Gearing in my 97 5.4L is 3.55. Thats the most common i have seen. I have heard of the 3.73's coming in a 4.6. Just read the tag on it and find out. most likely it will have the trac lock so the number will read 3L55 or 3L73 on the lower left side of the tag.
-Adam
p.s.- The big wheels in 97 were 17"