This question is probably best left for the suspension forum. But to answer your question, that is one possible effect of lowering your car. It would also very easy to bottom and bust your oil pan, causing you to lose all of your engine oil and seizing the engine in the process.
CV joints will lead a short and painful life in that over-extended position. That and all sorts of geometry problems leading to far less than optimal handling.
If on the other hand your car is a low mileage setup meant for cruising downtown instead of ripping the autocross track, it might not be a problem. Won't handle real well but if you're not pushing it, it wouldn't really matter.... Cavaliers and Sunfires don't handle well either but their drivers don't seem to mind.
To each their own. Looks and show trophies has GOT to be slammed. Good track times at lapping days will be had with a higher setup...
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