A lowered spindle doesn't change the steering geometry nor does it affect the suspension's travel; this is the plus side. The negative is that it brings the bottom of the wheel closer to the steering knuckle and the car's lower control arm(s). The wider the wheel the more acute this problem becomes. The larger the diameter of the wheel the less affect the lowered spindle interference problem will have any affect.
A wider wheel in general introduces scrubbing and steering issues on it's own. Especially if the wheel doesn't have a neutral offset (centered on the spindle with half the tire one one side of the pivot point and the other side at equal distance).
The X-frame B-body cars where not known for their handling even though the 1958-'62 car frame shares parts with the Corvette (the 1958-'62 Corvette frame was a fully boxed perimeter frame combined with the X-frame's torque box to make it stiffer for better handling). The full size was very flexible for a smooth bump free ride. As such it will not perform well inm turns or in hard acceleration or braking.