I think it was Hammer (?) who did that a while ago, by re-radiusing the fender flares and cutting the fenders to move them up. Not dead certain if it was him, but it has been done before.
The issue you may run into is that the tires will still rub on the inner fender wells up front and the bed sides underneath the rear. With enough backspacing that probably can be cured, but then you may have to make the flares wider to keep the tires covered if that is a concern.
I can say from personal experience that with a springover and shackle flip, even 42's will rub at full stuff. Especially on the front toward the rear.
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