Cheap? Easy.. let the air out of the tires. It be safer than your cut spring theory.
Dont cut the springs, to do so not only reduces the payload capacity of the vehicle in general to keep it safe while moving down the street and not putting someone else and their family at risk for your "cool factor", buy an appropriate set of lowering springs that maintain or improve ride comfort, control of the vehicle in YOUR favor, and maintain capacity of the vehicles weight as it corners, moves through uneven pavement etc.. that FIT your needs or demands aesthetically.
As for your tires, just like tires lift a vehicle they can later ride height. Id use this to find your vehicle, and put your current tire configuration into it and then see what a 225/50/15 does and play with it.
My suggestion would be to find the right wheel offset/size & tire combo that works for you and then lower the vehicle based upon those parameters.
http://www.rimsntires.com/specspro.jsp