I would determine what you want the car to do because it cannot do everything great. A good drag car will not handle great on the street and a well handling car will not be great at the strip. Also, the 04 rear suspension is weaker than the 05/06, so that should be taken into consideration. Being a DD I don't think a drag oriented car would be that great but there are some things that could be altered such as airbags in the rear springs.
Peddars stuff is good but a little overpriced; look into Whiteline specifically purchased from Kollar Racing.
Also, depending on where you live somewhat dictates the ride height you can accommodate. I installed the 25/30mm drop Lovells Eliminator kit in my car. I find it very street able but if I lived in SoCal it would not be a good option due to the water channels located at intersections (I don't know what they are called). But personally, in stock form I think they sit like Subarus so they need to be dropped.
There is a lot of information over on Ls1GTO.com regarding what stock components to replace as soon as possible or I could let you know either here or via PM. I am by no means an expert on these cars but have learned quite a but over the last year of ownership; my forte is more 67 GTOs.
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Please inform me on what should be replaced ASAP besides the springs/shocks. I know that. I just need the funds. But other the radius rod bushings and obviously the strut mount bushings that will be replaced when I replace the struts springs. What bushings are most critical after that?
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2004 yellow jacket M6: AEM intake, SLP LM2, 05/06 front brakes with DBA slotted rotors & hawk pads, B&M shifter, MSD wires, NGK TR55 plugs, Diablo predator tuned..