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The factory tire diameters (for the V6 and SS) are ~28.7" (20" wheels are 8" wide with a +35mm offset and 245 wide tires; rears are 20"x9" with +40mm offset) and you can mostly certain fit 22" wheels if so desired. Assuming factory size diameter tires you can lower well over 1" without rubbing (assuming appropriate wheel offsets); I'm not sure what the limit is for lowering with a stock size tire but I believe you can go past 1.5" without rubbing (although it's better for handling/control to not lower too much as you start to adversely affect the suspension geometry the lower you go).
How wide you go will affect the offsets you need as well as how much you can lower. For reference, the factory 1LE/ZL1 front tires are 285 wide (~27.9" diameter) on a 10" wheel and the factory wheels use a +23mm offset; the rear ZL1 tires are 305 wide (~28.4" diameter) on a +43mm offset.
Look for pictures and you'll see that a 1" to 1.25" drop with a 28.7" tire fits nicely and looks pretty slick. With a 22" you could go with, for example, a 245/35 tire, or 275/30.
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