Here's a diagram I made to help illustrate.
The top diagram is the setup (to scale) of what you have. You're correct the angle is about 20 degrees at the pinion, but 16 at the transfer case.
The second diagram shows the angles if you rotate the pinion up 4degrees. The pinion angle goes down a lot and the transfer case side goes down very little, but both are around 16 degrees. The advantage of this setup is that as the suspension cycles up and down, both drivehaft angles stay very close to each other (that's good).
The third diagram is the pinion rotated up 16 degrees and is what I think your asking about. Technically this works, since the result is both angles are about 7 degrees with a neutral suspension stance. (which is good).
The problem with this setup is that as the suspension droops, the transfer case angle will go up a lot, but the pinion side will stay relatively stable (that's bad). When the suspension compresses, the opposite happens. The angles are only equal with a neutral suspension stance even though they are smaller. Now if you setup the pinion like that diagram so that the suspension droop or compression keeps both angles below the max operating angle and don't bind, the only drawback to that setup would be potential vibrations when the suspension is drooping or compressing. That may not be noticable if those happen when the truck is moving slowly.
The lowest diagram is a CV setup. You can see that the operating angle of the 2 transfer case joints are about 5 degrees and the joint at the pinion is effectively 0. This gives you the same advantages as your setup above with very low operating angles, but also keeps the angles lower and similar as the suspension cycles. The downside is the extra cost.
I hope that helps a little.
