Thanks for all the comments.
Regarding the shock mounting position, to be honest, I'm not sure how well it will hold up. I put the shock mount there because I wanted a close to stock ride height, and increased travel. I used the info from the thread Phragle posted on suspension geometry to find the location that would work best. I have nearly 11" as it sits now. Time will tell I guess.
As far as cost goes, it didn't really cost anything out of pocket, as I used some scrap I had laying around from previous projects. The tubing I used was 1" x 2" x .125 wall, and then some 1/8" plate for the lower shock mount extensions, and some scrap 14 guage plate for the fish plates.
If I get my shock rebuilt in time, I'll be going on a good ride this weekend. I'll see how it turns out.