steel to pvc

I am replacing my kitchen counter and sink because they are in need of updating. My old sink was 6 inches deep and I would like to put in an 8 inch sink now. The problem is that the waste line coming out of the wall is too high, so an 8-inch sink is too deep to drain into the waste line, specifically on the side with the disposal. I would like to lower the waste line to allow for the deeper sink. My house was built in 1947 and the waste line is 1.5 or 2 inch steel pipe. As far as I can tell it comes straight up out of the basement and makes a 90 degree bend out of the wall under the sink.

Is it possible to cut open the wall beneath the 90 degree bend, cut a few inches off the steel pipe in place with a hacksaw or something and couple the cut end to a plastic line with some sort of rubber coupling or something?

What do you all think is the easiest way to solve this issue? I want a deeper sink, but not if it's going to cost me a ton of cash in plumbing changes...or flood my basement with wastewater

Thanks for the help.

Open the wall and install a santee to make up the desired location and connect with fernco's.

Many older installs didn't have a vent (i.e., wet vented). If you are going to open the wall up, you may want to consider at least putting in an AAV, if allowed. A true atmospheric vent would be better, but could entail really tearing things up.

Thanks. I'm having trouble figuring out what a "santee" is, can you elaborate a bit or point me to a website? Thanks again!

I beleive he was referring to a sanitary tee

Use the Stainless steel banded couplings, not the all rubber couplings with a hose clamp on each end, to connect the new san T set up to the old steel / galvanized pipe.