If you are looking to "just slightly below the top of the tire", good luck. I am dropped 5-6 right now and run 225-60-15 up front and 275-60-15 out back. I am sitting (not really sitting on them, same heights) on the rear tires while the fronts have a bit of clearence.
The rear is not a real problem, I have dropped leaves and am running a Ranger Gen II axle (two inches shorter then Gen III). Then I could flip the hangers and install a flip kit and I could be very close to the ground once installing a large frame notch.
The front has many things in the way. I have 2" drop coils and the 3"beams and that is the most you can get from bolt on parts. One company did make 3" coils at one point but is no longer around that I know of. Even with this drop I have to watch tire sizes up front. The inner fender gets in the way real quick, my plastic covering have been chewed through from the different sizes I have run. If you have the time/knowledge I would make that the first thing to get changed. They need to be taller to allow more suspension travel. If that is done a nice size tire/rim combo can be run in the front. I had 255-60-15 up front at one point and loved the way it looked but could not stand rubbing on every little dip.
After that, if you want to go bags, the frame becomes an issue. Tierods need clearance which requires you to notch the frame up front. Not a huge issue if you are a good welder/fabricator.
I plan on getting my motor in this year and the hitting the front fenders up for more clearance. It shouldn't be a terrible job, just time consuming.
James