I shouldnt have a problem with hood clearence with a 1" spacer, should I?

 

Get some clay and make some tall cones on the air cleaner corners (front and sides most important) then see how much more clearance you've got to work with.
This is the best way to do it and if you need you can always cut the underbracing from the underside. I haven't had any problems removing some of the bracing. I don't expect anyone to be walking on my car, if they do then it'll be time for a cowl hood and a new paint job!

 

Wow, thats a really good idea!