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Can't say that I ever dropped a Bronco, but I think you are going to face the same front end alignment issues we face when lifting a Bronco, only in reverse of course. 2WD would be a FAR easier route if you are into lowering trucks. Then drop spindles and other options work.
Well I see so many broncos on this site that are raised, and then I just saw that Lighting bronco, and man, that thing looked sweet, and I do more street driving than I do off road, so if I had a choice i would lower it.
Im not familar with raising it nor, loweing it so im not sure what problems you/ I would face.
That guy took out the 4x4 parts from the Bronco and put in the 2wd parts from a 1st Gen Lightning in order to lower it and make it 2wd. Nobody actually sells parts to lower a Bronco.
If you want yours to ride and handle better on the road, I would say try a good set of shocks, thicker anti-sway bars, and polyurethane bushings all around. Also a good set of tires would help. Personally I think Broncos ride great.