I am not happy with my underbelly

[1leglance]

Ok so I have a new to me 1970 3/4ton 4x4 Suburban that I know the previous owner put a crate motor in.
It also looks like a Turbo 400 was added as that is what I remember this trans pan looking like.


It is connected to this transfer case (I have no idea what this is...any help?)


And it all hang down really really low with what look like spacer blocks making it even lower.








So while my front driveshaft seems well lined up I am not happy about how low all this hangs under the rig.

I questions are:
What is this transfer case?
Can I move it up at all?
Can I custom make a thinner crossmember and gain some clearance? I would be adding skid plates at the same time.
What are the thoughts of the wise ones around here?

Thanks in advance...I am not a rock crawler but since my family like to do remote travel for many many days far from help here in the desert southwest I don't like things being low & ready to be bashed