I think the Lightning idea is the best aproach, if you are willing to give up 4 wheel drive. By using the front suspension parts from a Lightning truck you will eliminate a lot of potential problems with steering geometry. Since nobody makes a "lowering" bracket for your radius arms or axle pivot brackets, you will run into potential alignment problems by just using shorter springs and not addressing the other parts of the suspension. (the same principle that applies to lifting) There is a guy who took the drivetrain and running gear from a '96 Lightning and turned his '96 Bronco into a 2WD "Lightning Bronco" I did some searching, but I can no longer find his "build writeup" but I did find
these pictures. I wish I could find that write-up, the guy did a pretty good job on his project.
Lowering a Bronco definately goes against my nature, but it can be done in good taste.