Hey, pretty simple question that has been bothering me. I know there are Drop 2 an Drop 3 voicings for chords (where you drop either the 2nd note from the top or the 3rd note from the top of a chord), but is there such a thing as a drop 1 voicing, where you would drop the very highest note?

So for example... a G7 chord playing it with the F as the lowest note (F-G-B-D).

Sounds like you're talking about chord inversions to me. But I don't see why there wouldn't be such a thing as dropping the highest note by an octave and playing it.
sounds like inversions to me.

With the root as the bottom note, its in Root Position. When the third is the lowest, its 1st inversion. The fifth is 2nd inversion, and the 7th is third inversion.
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There's drop 2, drop 3, and drop 2 & 4. If you drop the top note, you just get a different closed position voicing (remember, when you create drop voicings, you start with a closed voicing, and you are "dropping" notes to spread the voicing out some). Hope that makes sense.
Another way to think about it, there are 24 ways you can rearrange 4 notes (ignoring moving things up or down multiple octaves). So C-E-G-B, C-G-B-E, C-B-E-G, etc.

Some are easily playable on guitar, some are not. Some sound really good and some don't. You need to explore and see what works for you. It helps when you know the notes on the fretboard and understand intervals on the fretboard.