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I searched, and the more common option is to shorten the U frame and mount the instruments under the triple (which would cause interference with my brake and clutch banjoes, in my case).
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I see now. With the clip-ons above the triple, you probably can't lower the gauges.
BUT
If you were willing to mount the clip-ons below the triple, it looks possible to lower the gauges. The gauge to masters clearance will be about the same, just lower.