Flipping the axle shouldnt be a problem. It also shouldnt be enough to effect the driveline unless your going more then a few inches. Im not sure about the front though??? Your gonna have to watch out for clearence issues and maybe run smaller tires to fit. Measure lots. Shocks will probably need to be swapped with smaller depending on the differences. Also you could get air shocks and fill to your liking. Im not sure but you may run into problems on the front with the steering arm??? Again measure lots. Good luck and let us know what you decide. Also get the front end aligned after lowering itll save you a lot of money on tires!