Lowering front forks

So I bought a 82' KZ-750 Specter from a guy who had lowered the rear end (he removed the shock and slapped on some home-made bars).

The Specter is shaft driven. The lowering is causing some un-natural noise when the bike rolls. I do believe this is not good and I plan to fix it.

I like the lowered look, so I figured that lowering the front end would rectify the extreme angle of the drive shaft created by lowering of the rear end.

I have been told that this can be done by adjusting the position of the triple-tree.

So my 2 questions are:

1: Does lowering the front end sound like a legitimate fix for the problem?
2: Is there any other way to lower the front end, other than triple-tree adjustment?

You can slide the forks up in the trees, not always a good idea, you can put lowering blocks in the forks, better idea. But, either way it won't cure your shaft angle, You wouldn't be changing the driveline angle, only the bikes angle as a whole. You probably need to put longer struts or the shocks need replaced, I prefer shocks, much nicer ride and handle much better.
Les Holt

Your right, I just thought about that. It wouldn't change the drive line angle at all.

What about the possibility of converting it to a chain drive? Or would that be way more trouble/money than its worth?

Yes.