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There's not that many leaves in the front to begin with, so taking out a couple will make a big difference. With less support, the truck will definitely drop. It will also leave you with a softer, bouncier ride and could very well handle like crap, being more 'springy' and having a lot more body roll. Without knowing how worn or weak your springs are before modifying, it's hard to say what will happen after you do. It'll surely be a trial and error thing.
I removed 2 or 3 and de-arched the rest......It rides better, IMO. I had to use shorter shocks. It also has more body roll.....not horrible. I plan to install a sway bar to help it corner better.
Don't take too many leaves out. You can really increase your bump steer if you lower it too much. A good rule of thumb is to try and keep the drag link parallel to the ground. Of course you can modify the drag link angle slightly by heating and tweaking the steering arm.
Also, in your quest for lowering the truck don't get rid of the bump stops. I forgot to reinstall my bump stops and ended up breaking my main leaf one night when driving the truck kind of hard.