You could get the spring rates, they are in several Mustang reference books, and calculate the effect of specific amounts of cut.
I can tell you that the best way is to cut 1/2 coil, install them, measure the ride height, etc, and cut an added 1/4 coil and check it again.
I did that to the rear and it worked perfectly. I cut the fronts 3/4 coil and it was a bit too much. Front dropped about 1 3/4 inches.
It does change the overall spring constant, by increasing it, because the same amount of deflection now acts on less coils, so each one has to flex more for the same movement. Or, less movement gets it to the higher pressure.