OK, I'm done. Here is the latest on what I did:
I think I came very close to the max lift possible. I have about 1/3" between the top of the tire and the sheet metal lip. A tad more on the rear of the mount and maybe a bit more still in the very front on the tire near the Panhard rod. So I guess I could have lifted the mount another 1/4" or so which may have translated to almost 1/2" higher or so on the front of the tire. Close enough for me, considering that the front of the tire is now quite a bit higher than the bottom of the diff.
Here are the numbers:
I lifted the mount on all 6 bolts by 1.85". And lowered the crank mechanism by 0.6". Also notched the sheet metal lip higher by about 1/3". With all this, the crank mechanism works still fine.
The OEM tire (275mm wide) -with stock suspension- is now 12" from the ground in the rear and 11.5" from the ground in front. Considering the geometry, I am guessing that the front of the tire moved up by about 2.5" thanks to the mod. Not too shabby. The rear of the tire did not move significantly up, I believe.
To do the job, I used 6 bolts for the mount. These are 8x1.25 and 65mm long. I should have gotten the next longer size. Had I had longer ones, I could have moved the mount up another 1/4" but as it was, these bolts barely filled the nut so I could not lift the mount any more. I also used 4 bolts to lower the crank mechanism. These were 8x1.25 and 30 mm long. I could have lowered the crank another 1/4" or so with these bolts, if necessary. For spacers I used 5/16" washers, 0.88" across (the larger of the 2 washers size they had, short of fender washers. The OD of these washers is plenty large to make the lift very strong as it is. I used 19 washers (0.1" thick) as spacers for each bolt, plus a locking washer and a flat washer under the head. Or about 120 washers. I could have used nuts but that would have been less stable and more expensive. I looked at using steel pipe chunks but the precut ones were more costly and bulk pipe would have had to be cut, more work and less adjustable than the washers.
For the crank mechanism I used 2 5/16" nuts, about 0.25" thick, as spacers on each bolt, or a total of 8.
Oh, yes, while I was under there, I measured the space across available for a tire. I got 34" between the Panhard rod and the hitch receiver. So a 33" tire would fit (barely) but not a 35".
So, in summary:
Cost: bolts: about $6. Washers (bulk by the lb): about $3. Nuts: $1.
Total: about $10.
Time: Took me a good half a day, futzing around under there, cleaning, measuring, trying out, grinding the notch (1/2 hr + with a Dremel) and getting the bolts at the store. But that was taking it easy and contemplating the meaning of life under the truck. I would think that with the list above ready, one should be able to do it in 2 hrs easily.
Result: front of tire moved up by about 2.5".
HTH
Eric