Raising Ceiling

I have a home that was given to me by a family member. The basic structure is in decent shape but needs a good bit of tlc. The roof needs completely replacing, decking and all as the house has been vacant for a few years. We are also going to add on to the home. The house was built in the 1950s, the original house actually sits on large river rocks, I had never seen this until I saw this house. We are going to have the house lifted and a foundation put in place for a nice base to add on and remodel. The ceilings are about 7 ft and I am 6'1 so ceiling fans become an issue and it gives the rooms a very small feel. We want to raise the ceiling to about 9 ft. Since the trusses and everything have to come off, I think it would be fairly easy to remove the cap plate off the exterior walls, splice the 2x4 studs and extend the ceilings and the set new trusses and finish out the new roof. I am a draftsman with access to a structural engineer so I could check with him for sizes. But is this a feazable project. The house sits on family land has a ton of potential to be gorgeous. Also, any tips for asbestos siding. I feel like hiring a professional company to remove it is what I will do, some people have said just go over it with vinyl siding, but I will have to resize some of the window and door openings so you are disturbing the fibers which is very dangerous. Any tips would help.