I talked to a friend of mine who has done some extensive restorations about this approach years ago. I don't recall exactly what he told me, but it persuaded me to not go that way in order to increase hood clearance.

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I spoke with the guy who will be doing the work today. Although the original job we discussed was to "lump" it, he's got no problem doing the "raise the roof" job instead. I'll be dropping off the hood on Saturday.