I have been there and done that with the '88 suspension rebuild, including installing Rodney's steering rack bushing.
I bought the 1" front lowering springs from the Fiero Store, and the WCF coilovers for the back. Plus new KYB's all around. Plus poly bushings in all locations. All of this has worked very well. With one exception. On rough roads with lots of potholes, or over RR tracks, the car is not fun to drive. It is VERY stiffly sprung. There is very little compliance with the poly bushings. When you go to lowering springs, the rate increases by about 25 lbs/inch. The result is very little suspension travel, and a very harsh ride on a bad road. Around here, we have lots of bad roads.
I have not used the lowering ball joints, but it seems to me that if a more comfortable ride is a consideration, this might be the way to go. That way you will not be increasing the front spring rate. You can specify the spring rate of the coil overs, when you order them, at least from WCF you can.
On the other hand, if you are blessed with smooth roads, a harsh ride may not be a concern.
Finally, just remember, if you are going to install a front spoiler, and lower the car at the same time, be prepared for some scrapeing at the front, from time time time.
...Rickker
'88GT/Getrag/3800SC
13.2 @ 103