Lowered 4x4 BMW X5 stomper?

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This may sound crazy, but has anyone ever seen/built a lowered 4x4 Blazer? I've had some thoughts about building a high hp/tq BMW X5/Porche Cayenne stomper.

I would lower the truck and inch or two, put sway bars front and rear, and large sticky Michelin Pilot tires on big rims on all four corners. Use Baer disk brakes (or equivalant) on all four corners, Bilstein digressive shocks, and a NP203 full-time transfer case with full time AWD. Add a better steering box and some supportive seats, and maybe a good cage to stiffen everything up. Install a fuel injected 500 hp/tq engine with a 700 R4 and 4:11 gears and go SUV hunting. With live axles it probably wouldn't be a threat in the corners, but in a straight line, look out!