Yup, that’ll depend a lot on the design… If there’s a lot of cleverness going on in the linkage curve then moving it around in that curve could have unwanted effects. I wouldn’t do it to my Herb, frinstance, because someone cleverer than me put a lot of work into its rates. But with a simpler suspension design it’ll probably be fine.
Absolute first thing to do- which I should have said, sorry- is to ungas the shock and squish everything all the way down, see how much space you have to work with and try and visualise whether it’ll all still clear with the effectively shorter shock.