You may have sorted this out by now but yes, you can lower the column by loosening the two bolts -- not sure exactly how much room you will gain, but an inch or two, maybe more if you loosen the bolts completely. I don't remember if you have to first remove the lower dash panel but I found that removing the lower panel gave me the room to work on the switch -- more so than lowering the column.
Note that the switch mounting holes are slightly elongated and, as spikeypuck points out, you may need to adjust the switch slightly up or down the column to get both the starter and the accessory positions to function.