Personally, I would not recommend permanently lowering the rear of the bike any more than it already is. There are several alternatives. I'm 5'8" with about a 28.5" inseam, so can relate. Depending on how much drop you need, and when, you could get a Corbin seat which is lower/closer. I have a 2011 SERGU, which is taller than your bike. I also had an '06 SEUC at one time. I installed Legend Air rear shocks on the '06 and put them on the 2011 shortly after picking up the bike. On a bike with full length suspension, it allows you to drop the rear 3" when you need to, such as when you're walking the bike around trying to park, etc, and then have them anywhere in-between for riding. The on board compressor mounts between the frame, behind the tranny...easy to install and out of the way. On your bike, which has 12" shocks instead of the "normal" 13", it would drop an additional 2+" when needed. They are not cheap, but work great.
http://www.legendsuspensions.com/Products.aspx?PID=8&VIEW=ProductThe Bagger Werx thing looks like an alternative, but by the time you had the covers painted, you'd have a lot more invested than in the Legends, plus a hell of a lot more work involved.