I'm 5' 7" and lowered mine last year. Only regret is not doing it when I bought the bike in '04.
I dropped the front 1.25" using spacers that allow the forks to slide up in the triple tree. Dropped the rear 2" by replacing the factory dog bones with aftermarket. Plenty of vendors on ebay sell these parts. Total cost was about $50 bucks. Then you need another kickstand which can be bought on ebay for around $20. Grind the stop areas so it swings further foward and gives the bike the additional lean it needs (same as the kickstand mode everybody does but just remove a little more material). Keep your original stand in case you decide to put it back to stock height.
There are more expensive ways such as custom triple tree top clamps or screw type dog bones that allow infinite adjustments vs. the 2" or 3" or stock settings on mine.
Straps can be used on the front forks but that's a hillbilly option when used outside a drag strip.