Just over an inch so should be able to get a bar across.
If you only have just over an inch clearance, you could possibly struggle to get any bar to fit.
Also, how much does that V8 move on its mounts under load, I'm guessing it will be fairly torquey?
What is the clearance like between the engine and crossmember (or elsewhere in engine bay), is there any option to shorten the engine mounting arrangement?
You should also check your oil pan to ground clearance.
Obviously, if you do lower the engine you will have to look at the gearbox see if there any detrimental change on the driveline geometry.