I would like to lower my 92 300E. Is it fine to just replace the current springs with Eibachs or HR's? Or do I have to replace the shocks as well?

it would be best to replae the dampers at the same time you repalce the srpings .... performance springs will destroy your standard dampers in short order since they are probably showing a good amount of wear already

Do I have to purchase new bumpstops? Or can I just use the existing ones. I understand that I need to purchase new springs and dampers. Is there any other part needed to perform this operation on the 124?

no new bump stops are needed ... but, remember to get an alignment after install

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