I have a 72 covertible and want to lower the stance a bit. Does anyone have any experience with either dropped spindles or lowered springs. Which is better?

Kind of depends on how far you want to drop it. I have dropped mine about 3" from stock with springs alone using the stock spindles. I also trimmed the rubber bump stops about .5" for just a little extra travel before hitting the stops. I still have about 1" of travel. This is the downside to lowering springs. With drop spindles, you still have the full range of suspension arm travel but also a better chance that the crossmember or full length headers will hit on greater compression since you still have full travel--downside to dropped spindles. Overall, most agree that the dropped spindles are the best for ride qualilty and handling. Do a topic seach in the Brakes and Suspension forum and I am sure you will come up with plenty of opinions (this is likely to be moved there anyway--moved).

EDIT: After doing a little searching, it seems that the consensus is lowering springs over dropped spindles due to steering geometry issues. No poly bushings in the rear upper CA either. At least I got the front springs part right. Now I get to look forward to pulling the poly bushings out of the ears on my diff. and pressing them out of the other end of the arms. When does it ever end...? :(