morkys -
I think you can do it. Based on this, the 195/60R 14 tires are almost the same size as 175/65R 14(?) OEMs :
(Miata)
Tire size calculator
I wish I had done the lowering. I got new KYB struts in November of 2008, and that would have been a perfect time to "spring" for a set of Eibach lowering springs (ha ha). I could still do it, but it would be $200 for the Eibachs + in$tallation + alignment.
CarloSW2