Here is a pic of what I'm running now

You can see how close the handbrake cable sits to the shock absorber.
Here is how close the caliper sits to the part which Pigdog has chopped out.

This was taken with the suspention compressed. (But the rear end is still at stock ride height)
If I move the shock to the front of the axle tube (remember the shock is held to the spring pad by a bit I made since the ute diffs have no provision for shoch mounting) I'll then be able to redesign my caliper mounting bracket to rotate the caliper rearward. And if/when I fit lowering blocks, there will be greater clearance between the handbrake cable retaining arm and the leaf spring. This should enable me to further rotate the caliper downwards, and get even more clearance on the bit pig dog removed.
The Main query of this thread tho, was will there be any drawbacks to moving the shock. But now that I think about it, it may actually reducae axle tramp by shifting the damping effort to the side of the axle which will be trying to lift up. Although long term I'm love to build some caltrac bars for it.