It has been done but there are downsides. I ended up fitting a lower front fender to my DR650 as the wind would catch it at speed. There is the possibility that at speed SOME dirt bike fenders might even curl down to jam on your tyre.
I would instead recommend raising your fender, but there does not seem to be a kit for your model V-Strom.
There is this comment by 2003 DL100 owner Keesvant: Hello fellow v-stom troopers i just modified my original front fender by drilling new holes 16mm under the original ones and cutting off about 15cm from the front thus giving it a lot more clearance.