You could cut the shock rod, you would have to retread it and then cut off the spring.I would be a job but can be done.

diamond jim posted some information about lowering the rear fender. You could try that to look lower, without a bunch of modding.

Well, I guess I should state why I wanna lower it.  I bought a trailer fender from Northern Tool like the one Demin has on his purple bobber.  As I'm trying to fit it up, I realize that his bike is lower in the rear cuz of his lowering struts.  That's the only way this bobber fender is going to fit cuz w/o lowering the arse end, the new fender sits way too high and looks awkward.  In my estimation I'll need to lower the rear end 1-1.5" to make the fender fit and look right before I cut it right at the top of the rear tire.  Hmmmm what to do.  But I do like the look of DiamondJim's lower rear fender and if I go that way, I'm gonna fill in all of the holes form the stock hardware and repaint it along with the tank.  Oh too much work going on at once!!!