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Yes, Not sure how much you can do it on the stock bolts but longer bolts would let you raise it some.
Why do you want to raise it? I would be afraid it would negatively affect the handling of the car. If you only did 1/4 inch you may be ok but any more and you may have to raise the rear some to keep the correct handling.
This would also raise the center of gravity and allow more air flow under the car which would affect high speed driving.
Yes, on my z51 it looked like I could raise it at least 1/4 inch if I wanted too. Instead I lowered it about 1/2 inch on the rubber bushing. The rear I think was about the same I think. Let us know how it turns out in case someone else needs to know.