joining this one pretty late, I realize, but I thought I'd throw in my .02. I run new Rebel shocks on my '81 Special, stock frame. I had to remove the chain guard and the clearance between the chain and the shock skirt is about 1/16 inch, so it's about as close as it can get and still work. I keep my chain adjusted so it doesn't rub, though occasionally it will slap on a big rut... I've thought about cutting a small chunk out of the skirt just to be safe, but... I'm lazy.
As for the ride itself, I like it. I'm 5'6" so it's nice to get my boots flat on the ground at a stop, and I like the stiffened feel to the frame. No issues cornering... if anything I like the feel better than the stock suspension, but that might be due to the fact that 30+ year-old shocks are gonna be mushy. Anyway, for what it's worth, I think it's a good, cheap way to lower the stance of your bike without resorting to struts... I've done that too, and the kidneys were NOT pleased.