That is what i call low.
Race, or street, i like my cars slammed. Like said about you will rub if you don't have your fenders pulled and rolled. Also you need the right alignment parts to do it. You will bang up the exhaust a little.
That being said, for me, i don't mind all that.
Scraping a little is fun too. (I scrape the exhaust on my 32 when i go over some speed bumps LOL!)
How low you want to go depends on wheel size, what suspension, alignment parts to do you have (to handle the lowness), how much of a stretch you have on the tire, if any etc...
Too many variables.