& NUMBER THREE: A stock, cut spring will still have the stock spring rate. Aftermarket lowering springs have increased spring rates, usually about 25-30% stiffer than stock so it won't bottom out. If you cut stock springs, it will bottom out very hard and give a hellish ride. You'll blow your shocks and your car will ride ghetto. If you only want to lower your car and you don't have the funding to afford Tein, Neuspeed, or H&R, get some cheap ebay coilovers or invest in some Drop Zone Race springs. People who cut their springs to lower their cars, are cheap asses and shouldn't even be modifying cars IMHO. BUY SPRINGS and lower your car the right way the first time!!!!!!
& NUMBER FOUR: The biggest problem w/ cut springs, is that you have no Idea what sort of spring rates you have after you do it. Also, there is NO WAY to cut both sides so they come out w/ the same spring rate. This will give your car dangerous handling problems.
Imagine you slam on the brakes to save your life & the car leans to the Left side, causing your car swerve into oncoming traffic or to the right where there is a drop off from pavement to grass/dirt shoulder and you bottom out tearing up your oil pan or something worse.
In the book "How To Make Your Car Handle" by Fred Puhn, there is a formula that you enter the free height of the spring, the diameter of the wire, the diameter of the spring, and the number of turns, this will give you a very close rating of the spring.
if you are careful in your measurements and your cutting (i.e. not using a torch and keeping the metal cool), removing sharp edges and painting the bare metal you should have no issues.