For clarity sake I am not a suspension guru by any stretch, just understand the premise of the mechanics.
Caster is the vertical relationship of the upper and lower ball joints which sets the angle, if you will, of the spindle. Coil spring has no affect here. Camber is the angle (top to bottom) the tire sits when mounted to the car. This is set buy the lengths of the connecting links (UCA and LCA). Again, not affected by the coil spring in the classic mustang suspension design. Where "change" can occur is during suspension travel as the while assembly moves up and down. This movement has the same affect as shortening or lengthening the control arms, in a sense which will cause the wheel camber to alter throughout the full travel. This is why you set camber during the alignment process to accommodate.
Yes, you can cut the coil to lower the body ride height but you should hold off doing so until having driven the car a bit to make sure it "settles" to ride height. Unless you are going for a really "low and tucked" look, using a lowering spring to start eliminates the need to cut.