Welcome to the forum Ryan,
Bags are possible on a Bay but as expected, are costly. You can fabricate your own or get a complete narrowed front beam that's already set-up with the air system. The rear is not so simple and will require a lot of additional work including notching the frame, building bag mounts etc... Wheel sizes are really up to preference. You can go lower with a 15 inch rim but the look of 17's tucked nicely under the fender is dope as well.
I would suggest a static drop... Lowered spindles, adjustable, narrowed front beam with horseshoe plates in the rear. You can get pretty low with this set-up and it's by far cheaper. If you notch the frame in the rear and tub the front, you can get even lower. I'll post some links for you shortly.