Dropping the nose down introduces various cascading after-effects, perhaps most significantly to the aerodynamic philosophy. Low-noses were specifically abandoned more than two decades ago in the interest of improving aerodynamic efficiency. A return to such a layout would entail not-necessarily a return to reduced efficiency, but would certainly entail a need to drastically alter the aero philosophy.
While illustrating this idea I also came upon a different interpretation of the 'halo' cockpit intrusion protection device, due out out next year.
Summary of the features proposed:
-front chassis bulkhead placed below front wheel centerline
-MGU-K within chassis, between front wheels
-relocated front wing placed behind the now lowered suspension arms*
-no-bodywork-above-engine provision for visual interest
-cockpit intrusion protection in the form a robust convex mirror-bar
-no bodywork above tire height (except airbox, roll hoop, and mirror-bar) to improve rearward visibility
-diffusor termination ahead of rear axle to accommodate lowered rear wing

*Suspension arms below wheel centerline would interfere with the low pressure expansion region behind the rear wing. I chose to place the front wing behind the suspension arms & half-shafts so that they interfere with the high pressure upper surface of the wing. Probably not ideal. A more optimized front wing & suspension arm complex could surely be arranged.