Brett,
Yes, but it will also make your full down position higher.
Looking at it from the side, as the connecting rod is moved further toward the end of your lower arms (away from the tractor's rear end), and since it is a fixed length, its end will move up slightly, requiring you to raise the lower arm slightly to realign the holes and connect to the rod.
So, moving the connecting rod out means higher end points of lift travel, and moving it in means lower end points of lift travel.
Clear as mud? /forums/images/graemlins/grin.gif