These kind of modifications were very common when I entered the industry. A lot of these bikes are still around. Next time you see one, look at the front fork. You will see the wear on the inner fork tube at the beginning of the stroke, in front. This is where it is binding as the forks flex from the unnatural angle they are at. A lot of people just got extended tubes for the same effect, and got the same resulting excess wear and bad ride and handling.
Since I started riding in 1969, I have never seen a bike with these modifications that rode or handled anywhere near as well as it did before. Can it be made "workable" or "acceptable"? Sure, depending on your definition of these words. But I wouldn't ride a bike like this.