Simple Q&A D&D 3.5 (by RAW) XXIII

[Andezzar]

I'm pretty sure there is a rule that says you can choose in which order you apply benefits. I can't find it at the moment though.

Concerning the metamagic spell slot reduction this is irrelevant though. Neither use reduces the spell slot below the normal slot +1, because 4 is 3 (original spell level)+1. Both metamagics and reductions are applied simultaneously resulting in a 4th level slot.