SUPERCHARGED421.....I have the H&R Supersports on my 03 GT, check out the pics. But to answer your question, no you dont need a compressor. Just make sure you get your car high enough where your A-Arm can swing down enough for the spring to come out. You will want to jack the car up in the middle of the K-Member right under the engine so you can do both sides at the same time, make sure to support the car under the doors with some jackstands, and put a floor jack right under the spring perch on the a-arm. Get all your bolts loose and lower the a-arm SLOWLY. You will be able to pull the spring out with your hands.
I used Tokico shocks....definately get new shocks....they are awesome, they ride a little rougher than stock, but it is a good racecar feel. You will also want to get a bumpsteer kit becuase you will encounter some bumpsteer with a 2 inch drop in the front. Once you install the bumpsteer you will have to get a professional alignment because you loose the stock setting in the tierod ends. The correct way your tierod ends will look is parallel to the ground when the car is completely off the jacks. If you take the spacers included in the bumpsteer kit, most shops will install the right amount of spacers when they do the alignment. Most shops charge around 75 for an alignment, but its well worth it. I spent about 4 hours trying to adjust my toe-in and toe-out and it just wasnt happening. Have fun and enjoy the way your ride looks afterwards...it completely sets the car off!!!!!!!!!!!