here is my V on coils...
i have the rear about 3/8" (~10mm) lower now, and only have about 1/2" of travel before i rubthe inner fender well.
the front can go another inch (possibly up to 1.5"), but my tires hit as is (both the fender and the inner fender bracings). streched tires on 16" wheels would make it ALOT easier.
as far as air bags go, a cube member has air bags (they might work on the V), search for randode to find him.