Lowering the front coilovers is easy... you just get the weight off of them, loosen up the little hex locknut thingys on the lower collar, get the top lock ring freed up on the two upper ones, and then unscrew 'em as far as you need to to lower them down. I'm not sure how you're supposed to set the distance between the top pair and the lower collar... I just kept the distance between the two the same as when we first set it up (with specs from someone else who'd done it before).
As far as realigning, no - it won't make a noticeable difference.
I scared myself when I had to swerve out of the way of someone trying to merge with me a few weeks after I did my conversion so I put my rear sway bar on (I bought the full Calmini rear end kit which comes with extended swaybar disconnects). It doesn't help much, but it's better than no sway bars. 'course having tighter steering helps a lot with that too.
By the way, just in general make sure you check all of the important bolts frequently to make sure none of them are coming out or anything (the trackbar one is important
) - but also keep an eye on the axle mount welds. One weld on the driver side is on the cast iron diff housing.... mine cracked after awhile.
Also, make sure your joints all sit in the middle of their range of motion... I occasionally have to readjust the johnny joints on my radius arms because they twist a little and will be sitting all the way to one side. This is particularly important on the trackbar. I think the reason a lot of people have had trouble with the trackbar is because they didn't keep the two heims lined up with each other correctly to allow for the full range of movement. Even when my truck is flexed out I can grab the trackbar and move it back and forth - no need for extra misalignment room on mine. (I bought some misalignment washers and was going to do the double shear thing etc... but I've been keeping a close eye on it for a year now and haven't seen any indications of trouble... the bolt hasn't moved a bit, the welds are still solid, and the joints still look fine)