In reality, the faucet shank only needs to be about one-half inch longer to eliminate this issue.
I used a Home Depot Shank Extension Kit. I replaced the washers that came with the kit with slightly thicker washers. I also wound teflon tape (about 3x) around the bottom inch of the shank and tightened them well.
Because it my first attempt yeilded a leak on one side, I suggest you make all the connections to the faucet while under the sink and test the lines by running water through the faucet into a big pot. Shut the water off and dry everything very well with a paper towel. Then use a dry paper tower or toilet paper to see if there is any water leaking. Then disconnect the water feed lines (leave the shank extensions on, re-teflon the shank extensions being very careful to get all of the old teflon tape off first. and you should be good to go. Note: the holes my counter guy cut were too close to accomodate the shank extensions so I used a Dremel with the round sanding wheel to shave off the tiny grip protrusions from the shank extensions.
Also, the extensions were too long so I doubled the O-Ring extenders on one side and used a 2x4 with a hole I drilled in it to extend the other side.
IMPORTANT: Don't overtighten the white locking spin-nuts because the downward force could cause the extension to separate just enough from the shank to cause a leak. Hand tighten them just to the point where the faucet stays put.
See the photo immediately below (click photo icon to enlarge)