My experience is that it will fail inspection if proper clearances aren't maintained. If you can't do it right I would not touch it.
(I assume that you're talking about conductor clearances) Do you know the actual clearance requirements in your area? As a general rule of thumb we used to figure if an overhead supply was 10 feet away horizontally it was ok, but the actual measurement should be taken from the conductor to the edge of the water surface which could be on a diagonal. This means if the proper height was maintained it could even pass directly overhead. Look at 680.8 there's a picture and a Table there.
Best bet is to check with your AHJ. Near me the POCO will even send someone to the house to take measurements and lay out the options for them
[This message has been edited by Bill Addiss (edited 07-18-2003).]