Wonder how hard it would be to lower the fenders?
From what I can see, it would require more than just cutting the fenders off and welding them back on lower. They are the exact height of the trailer rail, so lowering them would require cutting out their back-plate to make clearance for the axles and to allow access to the suspension parts. As high as it rides, there wouldn't be much holding the fender onto the frame if they were lowered to be proportional to the wheels.
Well, I say that, but now that I think about it, I know exactly how much the fenders would have to be lowered, and that is exactly as much as the trailer was raised, and that is 5". Obviously, the fenders could afford to have 5" of metal cut out of them, should it come to that.
I have heard of some folks buying bigger wheels and/or tires after doing an SOA conversion, both for aesthetic reasons, and to allow for the wheels to have slower turning at speed (less heat buildup, less wear on bearings/hubs). Realistically, I am likely to just leave it as it is, even though it does look a little funny. The trailer is for working, not looking at! And no matter how funny it looks, it is much better than scraping my torsion bars on the road all the dang time.