I wouldn't be lowering the front forks through the triple clamps - by doing that you change the front geometry quite substantially which will in turn seriously affect the handling of the bike.
This bloke gives a pretty good explanation:
http://sportbike.natkd.com/motorcycle_geometry_101.htmRear spring - I wouldn't be clamping the spring as that will affect the spring rate and then the bike's response to bumps and once again handling. There is also the risk of the clamp coming off unexpectedly (Murphy's Law says mid-corner) and seriously upsetting the bike.
Cutting springs yourself is not something I would do - they are made from a special steel that doesn't cut easily and if you overheat the spring in cutting it you will affect its properties. There is also the problem of getting a flat seat again.
My advice would be, unless you are an absolute expert on motorcycle suspension then don't try this at home - take the bike to an expert who can do the changes and still leave the bike safe to ride. Keep in mind that if you make these sorts of changes yourself and don't have them approved by an engineer (or suspension expert) then your insurance company will more than likely disown you when you have an accident.
Either that, or if the ST is simply too tall, get a bike that is the right height for you. I have in the past had to walk away from buying a bike that I really liked simply because it wasn't the right height for me.
Chatty