1031 exchange, mortgage boot, and capital gains tax

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I'm planning on selling one property for about $360,000. It currently has a mortgage of about $270,000, or about 75%.

The property I'm thinking of buying would be of lesser value and in a different state. Probably two properties totaling about $270,000. If I do a 1031 exchange, I know this won't completely satisfy the like-kind requirement, so I'd be taxed on part of it. I'm trying to figure out how I would calculate capital gains taxes on this.

I've been reading up about "mortgage boot" and it seems like if I were to end up with less debt, that that would be considered a gain. So could I reduce the capital gains tax by getting bigger loans? I'm aware that all cash proceeds from the original sale would have to go towards the new property in order to not have it be "cash boot."

The way I calculate things, if the deciding factor is the difference between the sale price of the old house and the total price of the new houses, that would be a $90,000 difference. But if it's the difference between the debt values, and I put 20% down instead of 25% down (20% down will just about use up what's left after realtor fees) then the difference between the old loan and the new loans would be about $55,000. Obviously I'd be better off in the second scenario. So which is the correct one?

Also, do I then just take that figure (the "gain") and multiply that by the percentage of my tax bracket (federal + state) to see what the capital gains tax would be?

And one more question: is capital gains tax like income tax? I mean, is it lumped in with income tax so that deductions will reduce it?