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Cutting springs isn't unheard of, and it's not 'bad' either. What's bad is people cutting their springs without knowing how to do so. It isn't easy as just snipping it and calling it a day. You can cut the spring to get a desired spring rate, and use spacers to get the height you want. In the end, it can come out cheaper than buying springs, while getting the performance you want.
Sadly, almost no one who cuts their springs can do it right.
theirs someone in the 2IS section that had his eibachs cut professionally and swares by them.. theirs also a few people in the 2GS section that had cut DF210's but whatever mang your car.. lol
I would think that the longevity of the spring would be drastically reduced, but if done with moderation for .5-1" or so you should be alright. The problem is knowing how much to cut, it would be an intricate process, but if you don't value your time go for it!
Cutting springs seems very easy but it is very difficult to do correctly. The ride will also suffer. You are much better off buying lowering springs. You can get some for around $250 or less. I agree.....do it right the first time.