I don't think so. The one closeup picture makes it look longer than it is, I think.
If I saw a min insert line when I had it apart, I would not have disregarded it. I cant see any markings above the headset, or feel them with a fingernail. There is probably 1.5" of stem quill exposed, but I'd say its only possible to lower it about an inch or the brake fitting would interfere with the top locknut.
Thanks phatmar. The paint sure was what did it for me. If it was just run of the mill red or blue, I wouldn't have been interested. Because other than the paint, there's really nothing special about it. Just a late 80s CrMo frame with mainly Deore components.