2" lowering blocks in back, 1 to 1 1/2 coils cut out of front coils. Get some Ford Crown Victoria steel wheels and some good rubber for them. 2nd gen Camaro shocks work (need to make adapters for the front mounts). Replace old rubber front suspension bushings with Delrin ones (search internet). Have fun - I have "Lark-type" Studes!
I have a '65. Same body. As was just mentioned I put two inch blocks in the back and cut one coil our of the front springs. I used MOPAR cop car wheels with TA Super Touring Radials. It looks good and rides great. If I had a '64 I would warm up the Studebaker engine (Yes, there are ways to do that). My '65 came from the factory with a McKinnon 283 engine (Canadian GM small block) and put in a mild cam and a 4bbl carb. It is the orgininal engine to the car. I also put a 200r4 tranny in for better highway cruising.
Thanks guys, but i want to get it running first. I started to clean it up, i detrimed it, took the hub caps off, and started the tune up.