I'd look at the bushings first, when they go, potential problems follow. You are probably going to need rear control arms, otherwise you're going to have camber issues on the rears depending on how much you drop. I don't think you're going to be able to adjust the stock setup enough to fix the rear negative camber, and it's going to be easier to do that all in one go rather than install the coilovers, find out you've got too much rear camber, and go back and install control arms. The sway bar and camber plates really aren't going to add reliability, but will add fun! Thing is, call it a placebo affect or whatever, but IMHO people put way too much stock in these on street driven cars--its at the track where the difference is REALLY noticeable. It's noticeable on the street too, if you're really pushing the car, but it's not an epiphany, like it is on the track.
cct1 I think you & I are on the same page here. If the OP has an 05 or 06 MINI the best he could dial out of the rear is maybe -1/2 degree of camber. If the MINI is older there is 0 camber adjustment in the rear. Lower arms are the only way. Arms & camber plates will give the OP the ability to align the car correctly. That is important to some & not so much to others. My .02 is if the OP is going to go to the expense & trouble to add coil-overs he might as well do the job correctly. +1 ^ :yesnod:
Even if all the OP wants to do is lower the car, he is still better off getting a decent set of coilovers that won't compromise the suspension travel.
Maybe I'm in the minority, but I don't think camber plates are worth the money for your stated goals. They tend to add some harshness to the ride, too. Stick with control arm bushings and the coilovers.
Way has the TSW rear control arms, that's what I have, and they are very tough. Be on the lookout at the marketplace here and on NAM, they pop up occasionally there, but they're not that expensive new. And maybe if you get your coilovers through Way he may be able to put a package together for you (he's also got a bunch of choices for bushings as well).
To add a little support and reasons for aftermarket camber plates. I think for the street the IE Fixed Camber Plates are a good addition and solve a couple normal Mini wearout issues. I agree that adjustable camber plates are not needed for the intended application however fixed plates might make great sense. I suggest you closely inspect the front top rubber strut bushings because the rubber cracks and tears over time. You can see the cracks/tears from the engine compartment. Also inspect the front top strut tower (sheetmetal) for mushrooming. The IE Fixed camber plates are only slight more expensive than OEM replacement bushings and help with resolving both normal problems because the rubber is thicker and the metal plate is thicker. For almost free you get the added benefit of more negative camber. Ireland Engineering Camber plates (non-adjustable) R50/R53 - Way Motor Works