The rule of thumb for compression shackles that I was given by Erik @ Deaver Spring is this:
Take the difference btwn the at-rest bushing to bushing straight line length and the bushing to bushing length along the main leaf. That is the minimum shackle length & that length + 2" is about your max length.
I believe this rule assumes that your bump stop will limit travel with 1" of arch left in the spring, which is what Deaver normally recomends with their springs. Otherwise something like a wanna-be monster truck could end up with some reeeaaallllyyyy long shackles.