The standard shock in cvo models is one inch lower in the back from the non-cvo bikes.I am told the front is unchanged from non-cvo models.
Two up riding and clearance will be a concern if you lower it further. Maybe the thickness of your seat can be modified in lieu of the suspension changes you contemplate.
Not ALL CVO's are lowered and inch...the SEUC and the SERGU are standard height suspension. I'm pretty sure the SERK('07 model, not sure about the '08) is and I know the SEEG ('04/'05's)are already an inch lower, front and rear. The new SESG is lower in the rear, but may be standard in the front...I'm not sure about that one.
To the OP....I'd be careful about lowering the rear end much more...you need to consider that there is a wiring harness that runs on the inside top of the rear fender, and if the suspension is too low, the tire can rub that harness from time to time and cause some real problems.
As mentioned, if your main concern is getting it low when you have to walk it around to park, back up, etc, then something like the Legend Air or the Arnott system works best. I had to put Legends on my '06 SEUC, and now put them on my SERGU...I have a 29" inseam...perhaps 28.5", so getting the bike lower was a real concern for me, but I did NOT want to give up the suspension travel on either end when just riding, or typical stop and go situations. If needed, I can drop the rear a bit in redlight to redlight riding conditions, but then raise it back up when I don't need to be as concerned with having my feet flatter on the ground. If I need to, I can drop the rear end 3", but only do so when parking the bike, or situations where I must have my feet as flat on the ground as is possible for me. Though neither the Legends or the Arnott's are the BEST shock out there, they do serve to get you lower when needed, and the actual shock itself is much improved over the stock crap. This is my opinion on what I would do if I were in your shoes: I'd have the front forks rebuilt with Traxxion Dynamics AK-20 cartridges to normal, full travel, then put the Legends or Arnott shocks in the rear, again using full travel (13" from eye to eye) shocks. For the front, you could also take a look at the Progressive Monotubes, but I'd still put the bike back to full suspension travel, rather than an inch lower. This would give you full suspension travel, better clearance for cornering, and better load capacity. Again, this is my opinion, but having full travel on suspension is important to me for handling purposes.