1) You can put drops on your current ride. I bought a hybrid this Spring and did just that.
2) Having said that, getting a new bike is fun, and having a spare bike can come in handy.
3) Somebody said don't look at steel. I've had Alu, Ti and Steel. Steel is my favorite. Frankly, getting the type and size is more important, but I just love my Gunnar Sport.
4) Drop bars can be as high or low as you want (assuming you don't get a bike with a precut steerer thingy.) Mine is quite high.
"The whole idea of raising the handlebars isn't revolutionary; it's the way everyone used to ride until things got crazy, and it still makes sense."
The Reader: A Comfortable and Efficient Position
"There is, however, a position that allows good performance while minimizing risk of lower back injury. I like a stem height and length that puts your back about 50 degrees from horizontal, while your arms and legs bend slightly at the elbows, as shown in figure 2 up there. To achieve this, you'll probably have to raise your bars, and assuming you want to keep the same bar style (as opposed to riding with stingray bars or something), that usually means getting another stem, one with a taller quill or a steep rise to it. If you hit the sweet spot, a photo of you from the side will reveal a nice pyramid composed of top tube, torso and arms."
Lower Back Pain