Hmm yeah you can try this CSS
.lay-textformat-parent a, a.projectlink .lay-textformat-parent>*{
border-bottom-style: none;
}
.lay-textformat-parent a:after, a.projectlink:after{
content:'';
position:absolute;
width: 100%;
height: 0;
left:0;
bottom: 2px; /* <- distance */
border-bottom: 2px solid #000;
}
Change the "bottom" value to have a different space.
I got it from here: http://stackoverflow.com/questions/14733011/css-decrease-space-between-text-and-border
This might work better for you if all you want is less space between the underline and the text:
.lay-textformat-parent a, a.projectlink .lay-textformat-parent>*{
border-bottom-style: none;
}
.lay-textformat-parent a, a.projectlink .lay-textformat-parent>*{
text-decoration: underline;
}