I had the belly pan on the stock '98 front end with progressive springs 1" lowered rear progressive set of 12" 412 shocks , stock wheels . No issues with clearance .
When I went with the Kaw ZX750R front end with Racetech guts , Michelin 17" Pilot Power tires , matching Kaw rear wheel & Progressive 12" 412 shocks , I noticed that C.F. pan dragging when leaned over in the twisties. I added a Progressive 13" 430 set of shocks and the handling vastly changed for the better. Foot pegs now hit at about the same time as the pan , but it's much more stable with a bit more clearance in the rear.
'98 Max-USD Kaw750R front end & 412s - '98 Max-USD Kaw750R front end & 430s