Yes (on the older model anyway). I have a 2004 and fitted Adventure shocks.
One of them (the front I think) looks the same length unfitted but I assume due to sag/preload it does increase the ride height.
Your problem will be with the stands. The centre stand will no longer lift the back wheel off the ground. As for the side stand, it works fine but I do find myslef using the centre-stand more than I used to as the lean-angle is reduced.
If you have a later (2006?) bike you can retrofit the stands, on an earlier bike you will need to change the lengths. I have not bothered and in 3 years have not had an issue.
Alex