WTO,
After hearing that it wouldn't work and I would kill myself I lowered my 2001 ST1100 with aftermarket shock and sliding the fork tubes up in the triple clamp, .75" as I recall and rode it 151,000 miles. I whipped a lot of corners and never did drag. Tire wear, who knows, got 12,000-13,000 per set. The side stand issue is a no brainer, just cut 1 1/2" out of it. Getting it on the center stand won't be a bit more work, it will probably be impossible by yourself. Roll rear wheel up on a piece of 2 x 6 and get someone to help. I learned some tricks to simplify maintenance, PM and I will share.
Jim