I have the Reach Touring Seat. I changed to it from the Sundowner. I was worried it wouldn't be as comfortable, but have been very happy with it. The pushforward by the seat eliminates the need for pull back bars.
I also lowered the rear by changing the shocks to 12" Progressive 440s. I have done nothing to front.
I wanted to add my .02, I just got an '04 Classic and had similar problems, I have about a 28" or 29" inseam to baseline my height.
I put a 1/5" lower kit on the rear end (the brackets that attach to the swingarm) and I like the look and also the height is a little better (I can actually back up the bike without rocking too much).
As far as the reach seat, I haven't noticed too much in the way of bringing my feet closer to the ground, but I can tell you the HUGE difference it made in riding.
First, before the reach seat, my upper back was getting sore because I had to lean ever so slightly forward to reach the bars, I don't have to do that any more with the reach seat.
Second, the good part is that my feet are closer to the floorboards, but the bad part is that my feet are close to the floorboards. This may result in you wanting to get some highway pegs on your ride.
Third, I have two discs that act up in my lower back. The support that that seat gives you is extremely superior to the stock seat. Your back will thank you.
Fourth, the passenger seat of the reach is a bit wider than stock. My wife didn't necessarily need to have the wider seat, but she can really feel a difference.
Good Luck on your choice, I would do it again. As far as your stock seat, I have done research and I can't see any advantage to selling, they are going for pretty cheap on Flea-Bay.
Wouldn't it be easier to put blocks on the pedals? Kidding!
I'm not sure about a Reach Seat, but my Mustang touring seat moves me forward too far. I just accepted it all these years but after riding with my Badlander seat since last Fall, I don't like using the Mustang any longer. I did this weekend when the wife rode with me and I didn't like sitting up that high and placed that far forward. I was just thinking last weekend that I wish someone would make a drop seat frame for the touring bikes. Wouldn't have to be too radical, just a couple of inches.