I think you'll be OK on the lower clearance. Where I had a problem was the V belt clearance with the lowere radiator hose. When I get a chance I will post a picture of my solution to the problem but here's a verbal summary of what I did. First, it helps that my VA Sanden compressor has a two groove pulley (most have one and I don't know why). The best initial line up was to use the aft groove on the compressor first but when I made a full loop (back compressor groove down to the crank pulley, up over the water pump pulley and back to the rear compressor pulley), that put the belt
right on the lower radiator hose. NFG.
Here is my solution. I started with a fancy underdrive pulley set from March (thanks to VNV for making me spend MORE money, and yes, the BB runs a little bit warmer but I that is expected). The important part is the 3 groove crank pulley (note that 3 groove water pump pulleys are NOT generally available but can be bought from places like LICS for $125 a pop - not needed).
So, here's the hook-up going fore to aft. The front belt starts on the fore-most crank pully and then goes
directly to the driver's side alternator and returns to the crank.
The second belt starts on the middle crank pulley, goes over the water pump first groove, hits the compressor
front groove and then goes back to the crank - LOTS of clearance from the lower radiator hose (the water pump is an aftermarket variant).
The thrid belt does not hit the crank pulley at all. The third belt starts at the back of the water pump pulley, goes to the passenger side AC compressor and goes right back to the water pump. No hose clearance issues and I double up on the compressor grip because I got some belt squeel with a single blet drive.
When you pop the hood and first take a look at my setup you go

but I like it.
Hope this helps.