Good lord... some people make things sooooo complicated... and have SOOOO much misinformation!
Dropped spindles are the best way to lower the front of the truck. They aren't cheap, but they're not overly expensive either.
One "problem" is for that truck, I've only found them made for disc brakes, so your "quick lowering job" becomes a whole brake conversion project too. You should definitely convert to a dual-reservoir master cylinder, run new front lines, and self-adjuster conversion kits in the drums go a long way towards making the brakes safe.
Cutting a coil or coil and a half out of the front springs isn't going to kill the ride. It WILL definitely stiffen it up a bit, but you won't need new fillings after a drive to the grocery store.
It's time-consuming, but after cutting the first coil out, re-install, check ride-height and quality, and if you want it lower, cut half a coil at a time.
Cutting coils will add a little bump-steer, but you're not cutting 5 inches out of the ride height, you're more than likely cutting two or three at the most, so the bump steer isn't a huge concern.
You absolutely have to get a new alignment up front after lowering it. Not a big deal.
To cut the springs, you can use a torch or a chop saw. Some people say that cutting the spring with a torch will ruin the metal and make the spring lose its temper. This is only true at the point of contact with the flame. For the whole spring to lose its temper, it'd have to get orange-hot.
For the rear, they're coil springs as well, but you can't cut them--the top and bottom of the spring have pig-tails, they're not "symmetrical" tubular bodies.
Lowering springs are available from a number of places, and they're fairly cheap.
But a GREAT source for lowering springs for the rear is your local 4x4 shop. The stock Jeep wrangler springs are a direct bolt-in, and lower the rear a few inches. The shops usually give them away after installing a lifted suspension.
There's a HUGE thread on the HAMB about these trucks, with lots of good tech tips.
-Brad