Too low???? If you're not givin' worms a headache it's not low enough!

Too bad you already painted the frame, otherwise a raise of the engine and trans would be in order.

As for the white letters, they can be ground off, but unfortunately the white is a layer under the outer black, so the white will still be there. You can use tire black to disguise it, but will need repeated application. If you're going fenderless it would be better to find tires without the WL.