I had a 94 vmax-4 with a m10 and loved that sled, that sounds right, i used bender 1" lowering tubes in the front and made some 1" spacers for the front springs, (to maintain stock ski preload) this lighten up the ski pressure and removed 1" of front travel. When the rear was jacked up off the ground with the front of rear skid just touching there was about 1-1.5" of rear skid off the ground, also i ran the front torque arm in the top hole of the rail with about 1/2" preload to the front skid spring, and a longer adjustment on the cross over tube by 3/8" from fast adjustment chart......
Is your track studded?....
i had 144, 1 1/4" gold diggers down the center with a 1" camoplast predator track and this track was better than the stock one that came with the sled in 1994 and helped with traction....
i would say to put more preload to the front track shock not less, and back off on your fra adjustment so the sled will squat a little more, set your sag near 5" , and less preload with the adjustment on your struts by backing off your compression dampers if that sled came with them....
remember the front is heavy and you want to rock back onto your track more....good luck....CP