Arms level is good. You could probably go a hair lower, but I wouldnt go much more than 2.5deg past level. I did the math for my car(91 MX6) a while back when I had the arms at about 5deg past level and the roll centers were about 3" below the ground. The lower you go, the faster roll centers drop in relation to CG and then the more you need to rely on heavier and heavier springs and swaybars to keep roll angle in check....and then that screws up other things down the line like mechanical grip, acceleration, etc.
Try 1/2" and see how the angle of the arms are and how the car drives. You may be able to get away with it. If the car gets oogy, you can always raise it back up a bit.
Gavin