Lowering a engine will also lower the tranny at the bellhousing. The lowest part on my car is the tranny on the underside. Makes it hard to go over speed bumps because the front end comes down off the speedbump and makes the car level while traveling over the bump.
Oil pan and headers can be raised, built or modified but you are pretty much stuck with the trannys bellhousing. Another way to add hood clearance is to put spacers under the body mounting points to raise the whole body. This needs to be done by in large as the car is being built because everthing going through the firewall needs to be a little longer, such as steering linkage, wires and etc. If you are in the build stage raising the body is really not that big of a deal though, when you mock up everthing including the engine. Matter of fact I mocked my car up originally for a 385 engine but my original engine was a junkyard 351W that sat higher, and I dared not lower the tranny/engine any lower than where it is now.
cobrashock
