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Location: Rochester, NY
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Bikes: Stewart S&S coupled sport tourer, Stewart Sunday light, Stewart Commuting, Stewart Touring, Co Motion Tandem, Stewart 3-Spd, Stewart Track, Fuji Finest, Mongoose Tomac ATB, GT Bravado ATB, JCP Folder, Stewart 650B ATB
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To directly answer the OP's question. Yes.
But the amount of straddle height loss will be about 1/2 the amount of fork height change. Then there's the rocking forward of the seat over the cranks, not the best for handling balance or pedaling efficiency. The change in head tube angle will also change the steering feel.
So go ahead and spend more $ to figure out if you're better off getting a bike that fits without making extensive changes. The report back to us with your findings. Andy.