Hey Twisted
I'm also petite, 5'0". I started out on a stock 250 and barely touched w/ both feet down. I bought it used and dropped it several times just from losing my balance being a new rider,etc. I bought it w/ the intent of just learning how to ride and it served exactly that purpose. It's a great bike to learn on! I've since upgraded and bought a used GSX-R600 (which I had to lower) and love it! Buying small and being comfy riding and learning worked well for me and I'd recommend going that route, along w/ buying used.
As far as the lowering part...actually, I had to replace my rear fender over the summer since my tire was rubbing underneath but never had any issues w/ lower fairing rub on the ground. I will most likely have to raise it back up. I'll be getting some boots w/ a taller sole or heal to compensate for the difference so the tire's getting the clearance it needs and I'm able to touch w/out issues
Hope this helps. Let me know if you need any other advice/input.