My old car passed a genuine roady with cut springs. lol

As for lowering, don't bother buying spring compressors, they are a waste of money unless you are re-installing stock springs (who does that ?). Do a search on here and you will find your answers. Lowering a Falcon is a piece of piss, and you only need basic tools to do so.

cutting the springs does sweet f**k all to handling side of things. imagine if some tosswad cut his springs to SSL height, with standard shocks, then takes a sharp corner at 120.... goodbye tyres. lol

Don't cut springs! I recently lowered mine to Kings SL's (bought from ebay for the grand total of $100 and included monroe gas struts for the front) so why would you risk it I have a few pic's of the lowering job in progress which might give you a bit of an idea on essential gear needed. http://www.fordmods.com/forums/viewtopic.php?t=61337
Most important are a decent set of chassis/axle stands. The one's in the pic are rated at 3000kg weight rating each. Don't wanna risk having a 1.5 tonne car falling on ya head eh! Another handy tool is the trusty trolly jack. And you will need a decent set of ring spanners and socket set, specifically 19mm. Hope this helps to make the job a little safer!