I just finished installing the Hooker Comp Headers and the Flowmaster exhaust (from earlier in the thread). The header collector flange sticks down about 1.5 inches from the frame rail. On the ground I measured about 6.5 inches of clearance...probably will be more like 6 with my fat butt in there.
Incidentally, the install of the exhaust was unbelievably easy. I ended up using clamps. I figure I can always haul it down to weld up if I ever get ambitious enough to later. But in reality I'll never do it.
The worst part by far was the header installation. It's some kind of cruel self-torture getting some of those bolts on. But, after an afternoon of swearing and using every combination of wrench and ratchet adapter known to man, it's on and tight. I had read some stories of some headers not fitting around the oil filter, or the power steering, but these went right in. I did have to remove the oil filter housing from the block to get the pass side header in, but after it's in it goes right back on and the filter goes on without a problem.
I used those "dead-soft" aluminum gaskets because I couldn't figure out how the fel-pro gaskets work. They seem to be working great.
The exhaust is definitely louder than what I had on there. I think it sounds good, though there was some serious resonance, or drone, sound inside the car at idle. I have the idle super low right now, so that might go away when I get it tuned up a bit more. I hope so. Overall the sound is a bit louder than what would be "ideal" for me, but I think it'll grow on me a bit.
Anyway, I just wanted to update the thread with the initial results.