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Those look like adjusters for the overload or "helper" leaf springs. Yes, it will adjust the ride height but only to compensate to level the truck when there's a pallet of bricks in the bed.
So which of the two packs of leaf springs are the helper springs; top or bottom?
Atta boy.... Yessiree... that's a helper/overload spring.
I think your set up also has an add-a-leaf... it's the bottom-most leaf under the bottom spring pack. Someone will correct me if I'm spacin'.
Also, your rig is equipped with "Flexo-matic" spring hangers (three bushings). When overloaded, the lever action moves the fulcrum point forward and makes the leaf spring pack behavior shorter and thus, stiffer.
If you want to lower the rear by 5" then take the helper pack off of the top and toss them. Get a filp kit bracket from AIM and relocate the diff to the top of the factory spring pack. This will require a c-notch, shorter shocks and a bracket on the diff shock mount to adjust the shock angle (or a relocation of the upper shock mount).
I just need to lower it like 3.5" in the rear and 2" in front
Flip the front spring hangers of the rear leaf springs... Cost: About $15 for new Grade 8 bolts, washers, and nylon locking nuts.
Removing the rivets is the hardest part. Cut an X on the heads and then use a cold chisel to break 'em off. Grind flush. Then use a center punch and a BFH to drive 'em out.
Turn 'em upsy-down, mark and drill new holes. Install and voila!... about 3 or so inches of drop.
If not, then I'll take care of this mod before the end of the month.
Take a bit to study that rear suspension. If the spring hanger is flipped, then the relative position of everything changes.... including the helper spring. See? Then it will make contact with the frame-mounted stop.
The helper leaf pack will need to be removed to do the spring hanger flip.
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