Just because no one else is saying it, I kind of like them lowered a bit. Not dragging on the ground lower, but a few inches down looks petty good if the do the complete job and not just hack it and leave it unfinished.

Lower earlier trucks, pre 73 or so almost always look better to me, but that may be because I do a lot of frame swaps and those tend to lower older trucks.
May I present two versions of the basically same truck, one raised, one lowered. Both are/were mine. Pic 1 is a 50 Dodge on a full size 80 Dodge 4x4 frame. Pic 2 is a 49 Dodge on a Dakota 4x4 frame.