MS Word cuts off the top and bottom of inline equations if line
spacing is too narrow. Can this be overridden?

**(A) Use space before / after text in a single line.**

Should be straightforward. Select the text and then Paragraph. Set Spacing above and below.

Do this for a single line (not a whole "paragraph")

You may wish to make a Style for equations so that you can re-use the setting.

This is Native to Word.

**(B) You might also try the Word (2016) Equation Editor.**

Word Equation Editor

Start Word 2016 and open a document to work in. Position the cursor at
the point where you want the equation to be inserted.
2. To bring up the Equation Editor, On the Insert tab, in the Symbols group, click the arrow next to Equation, and then click Insert New
Equation. This will bring up the equation editor toolbar and will
place an edit box at the insertion point in the document. Note that
the menu at the top of the screen has changed. Entries in this menu
now pertain to the Equation Editor. Note: Clicking anywhere outside
of the edit box twice will cause the equation toolbar to go away and
return you to normal editing mode with an equation object inserted in
the document. Clicking on the equation object and then clicking on
the Equation tools tab brings up the Equation Editor again.

.

**(C) Use Text Boxes for equations**

Finally, you can put your equation (s) in a text box (es) and flow the word text around the box. You can set the box large enough to take your equations.

I would find this harder to implement than equations on a single line. You might see it differently.

You can also change the font size of the equation itself within the line to make it smaller and fit, but that does not strike me as helpful to a wider audience.