yes you can adjust the coils while on a jack. it comes with 2 wrenches. the bottom ring on the coils prevents the spindle "mount" from rotating when you loosen the ring obviously it allows it to rotate. now while having the ring loose rotate the entire assembly clockwise to lower it.
keep track how many full rotations you are doing so you can duplicate the same action to the other side and it will be even.
like stated above you dont want to mess with the preload. the preload should only be changed if you have the equipment you measure it. you usually adjust preload to center the weight to the middle of the car or to stiffin some blown coils
think of it like this. say the car weighs 2000lbs with you in it. ideally you want 500lbs at every corner. well chances are that wont happen seeing how youll be in the driver seat. so you would adjust preload in the front driver side to be stiffer and the rear pass side softer to counter-act and equal the load. in order to do this you need wheel scales and s*** like that.
sorry to drag this on but this is actually stuff you need to think about and understand because its not slap any coils on your car and go.
lowering your car too much actually does more damage then good. when lowering the body down it lowers your control arm angles and puts your suspension geometry out of wack causing bump steer and poor cornering straight line effects. and you should always pay the 75$ for an alignment after any suspension mods. not being aligned properly puts tremendous stress on the parts and wears out bushings, wheels bearings, calipers and mounting points can actually warp.
just my $0.02 + and then some
