lowering the rear can be accomplished by installing shorty shocks (tasclassicmotorsports.com), by installed lowering blocks between OEM shocks and your frame or finding other, shorter shocks. your handling charaterisitcs will change a bit, so you might consider lowering the front also. this can be done by adding spacers inside the forks or sliding the forks up in the triples. routing of the cables can be tricky here, especially if changing to drag bars or clip-ons. if slamming your bike, make changes carefully/incrementally.
slamming your bike will result in the bike being more upright on the sidestand, a mod here is helpful.
there's a lot to be considered here. your weight, riding style, budget, impact on handling.