There are lowering kits to lower the height of the factor footpegs but of course they also greatly reduce ground clearance in cornering. There are also at least two other types of footpeg that are lower than stock and maintain at least as much ground clearance as a stock C-14.
From left to right: Murph's pegs, Buell Ulysses pegs and stock C-14 pegs.
The relative difference in height can be seen in these photos, and all were taken from the same place with the camera on a tripod so they show the correct relative heights:
Murph's pegs:
Buell Ulysses pegs:
Stock pegs:
The Buell pegs were fairly inexpensive but had to be modified to use them on a C-14. The pivot hole had to be enlarged and some of the end of the peg (where it bears on the bike's frame) has to be filed or ground off to have the pegs sit level. I don't know if they are still available from Buell stock or not. Murph's pegs are made for a C-14 so of course they fit the bike as purchased.
Having all three, I use Murph's pegs. They work well for me and the wide flat area is pretty comfortable.
Brian