This is what you can expect to have if you do this mod....

...this mod is more of a set of guidelines, rather than a "recipe".  You need to secure the pegs in three points:  two lower mounts and the center down tube below the reflector.

These pegs are about 10" forward and 5" higher than the stock pegs.

For the lower clamps, DON'T use the top clamp type, use something like the ones on the bottom.

Here's the piece of pipe with the threads cut off and the nylon spacers inside.

I used a pipe cutter to cut off the threads, but it ruined two of them that I had.  A hack saw might hold up better.

This threaded bolt....

...goes through these things (note the newly drilled smaller holes) (use a drill bit made for metal as close to the bolt size as possible...

I'm waiting on a good clamp from JC Whitney for this connection.  I used a pipe clamp from the plumbing section at the hardware store until my permanent clamp comes.

When it's together it looks like this.  I used loctite on all the threads and JB Welded the center down strap to the center tubing to prevent the ends to bend down under usage.

They flex a bit, but I'm confident they will stay put.  I've done over 1000 miles on them without a problem.

Bottom line: I like the way they feel.  Some of these photos show the designer style pegs, that was my first phase of the project, but I now have the o-ring style on and they are much much better.