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Well lowering it would decrease the area by the area of tire no longer exposed head-on. Assuming your car has a messy underside, the front air dam decreased the coefficient by keeping air out of the mess. It did increase the area, however. Likely, a net reduction in drag.
There's a sticky with 60 mods you can do...rear wheel skirts, a grille block, and a kammback would be good options.
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