To answer my own question and hopefully help others who might find themselves in this predicament, here are my findings:
The Rancho RS99204 is their shortest rear shock for stud mounting on both sides. There may be some front shocks that would be shorter and would bolt to the rear, but they would not offer enough travel.
Here is an excellent resource for specifications about Rancho Shocks:
http://www.gorancho.com/assets/catalog/Specifications.pdf
Here is the solution to the problem, as given by Alex of Moneymaker Racing. First swap the stud mount spring support of the Caltracs for eye type as used on Leaf Spring Mopars (Calvert MT3 RH and MT4 LH):
Then replace the RS99204 double stud mount shock with one that has a stud top mount and a bottom eye mount:
Note that Calvert racing has taken over the original Rancho 9 way adjustable 9000 series of shock and now sell it under their own name and # system.
Here is the part # used:
Together these parts offer a little over 1/2" more compression travel before bottoming out. I now have a total of 1.250"+ of free travel from when the car is on its own weight until the shock is bottomed out. About 1/4" was gained by the shock and the rest was gained by the lower shock eye of the spring support.
Here are some misc photos for those who are interested. The Calvert Shock:
(Probably the old Rancho RS99136) Shock length comparison between the RS99204 and the CR42123:
You can see that the eye is a little higher than where the normal mount would be located between the grommets of the stud mount shock. Spring plates compared:
New setup installed on car:
Additional clearance could be gained by adding more length to the spring plate shock tab and drilling another hole either lower the the original, or closer to the springs.