I've driven "lowriders" as you call them, for about a decade now and I've never had any problems turning or driving them. With attention paid to offsets, tire sizes, and geometry, an aggressive wheel fitment and lowered ride height can still be achieved without harming drivability to the point of becoming "unuseful".
To the OP, here's an article that we put together to show what goes into bagging a BMW E28. Bagging a 2002 would be somewhat similar to this process, so it should give you an idea of what would be involved in your project. I hope this helps shed some light.
http://www.stanceworks.com/2012/07/how-to-bagging-a-bmw-with-the-air-lift-universal-crafter-pack/