If the bearings are four bolt flange bearings you may be able to just drill two new mounting holes on each side and put what is now the top of the bearing into the bottom holes. I did that on a old blower and it helped a lot. Make sure the chain will clear, you may need to trim the steel where the chain goes through. I am not sure why so many blowers have the auger high up, all the commercial grade blower around here like Pronovost and Normand have the augers set just about an inch and a half above the ground. Lucknow has the auger low, and on the McKee blowers they are real high.
These two pictures show the old Walco after I lowered the auger. You can see the old bolt holes in the side of the blower box. The auger is just about an inch above the cutting edge and the ground. That blower would go through hard snow and was the easiest pushing blower I have ever had.