If you're talking about true racing on a racetrack, where there are no pot holes or curbs to drive up on, then the lower the better as long as the car isn't bottoming out when it hits bumps. The lowest you can make the center of gravity then the better cornering characteristics you'll have. The only side effect is that the lower the car gets, the less travel the
suspension can have which will eventually result in a very stiff
suspension which will make the tires lose grip faster, but that can be overcome with race tires to a certain point. On the street you don't have the same grip even if you run the best street tires, and you're going to need more
suspension travel to compensate for the ever changing grip levels you find in the real world.
Some situations like drag racing and offroading require a more soft
suspension to allow for extreme changes in
suspension travel...which is why most cars that are set up for road racing don't hook very well at the drag strip, because the car isn't allowed to transfer weight to the back tires as much and they lose grip quicker. It boils down to the surface you'll be driving on and how much grip you can have. In a perfect world on the absolute smoothest race track where there are no bumps or sudden changes in surface level, then a very stiff and very low
suspension with extremely grippy tires is the best combination....such as F1 or even professional gocart racing where there is little to no
suspension travel at all.
So...to sum that up, on a car that gets driven on the street you have to compromise and allow the
suspension more travel than you would need for strictly road racing, which is a compromise directly to cornering ability since your center of gravity will be higher. Things like tire to fender clearance don't matter on a race only car because 1) you'll just roll the hell out of the fenders if you have to, and 2) there isn't enough
suspension travel to worry about it because the terrain doesn't require it, and as such the
suspension can be made stiffer and lower.