Tested now and it works here:

LC 's textshift does exactly what it *can* do (with the primitive typesetting 
system of HTML which it uses): 

[1] It takes the baseline, moves the chunk relative to that up or down, leaving 
the surrounding text on that baseline.
[2] After that it gives the whole line a new height (if variable textheight) or 
fits it midway into the fixed line height, that is it moves the baseline.

One can watch this with with "showlines" and "hGrid".

What you 'optically' want, can you achieve exactly with a professional 
typesetting system ("TeX") only or, approximately, if you shift (also) the 
*complement* of the object in the line.

H.
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