i did a 99 ranger with a 4-5 kit on 18's and the back hit the frame. im pretty sure the same would happen with your 97. if you dont want to notch the back just shorten the bump stops and it should ride ok.
4 in drop shouldnt bottom out, mine never did. a 6in drop in the rear it did.
96 w/ a 3/4 drop on 17s as you requested matt