JLW,
Working with compressed springs scare the poop out of me. Maybe it's all those Physics classes I took, maybe it's just because I don't know what the heck I'm doing.
But ... removing the front springs, cutting a coil off, and re-installing can be done without brown-staining your shorts
Do what Jack21 says. The only things I'd add are: build yourself a jack screw to separate the ball joint (
http://www.birch.net/~petek/cobra/207/jul4.htm ). Disconnect the strut rod (is that what it's called) in order to achieve full droop on the lower arm. Tie the spring to the upper control arm with some stout tubular nylon (or good rope). My springs didn't drop out, I had to really push on the lower arm and spring to pop 'em out.
Pictures at:
http://www.birch.net/~petek/cobra/208/aug1.htm
I cut a full coil out but I think the spacing between the fender and tire was a bit more than yours.
best of luck!