How much do you have to lower it to get the clearance you need, there is another solution, you could always drop the K-frame down and put spacers in between the chassis and the K-frame to get extra clearance for the engine and hood issue
You should be able to drop it down enough with spacers without effecting any of the steering and suspension at all, some firewall holes for the column allow enough drop also, this would be the only place you may have an issue with.
Let me know if you like this idea as an easy fix.